- Taxpayers should note that taxable income over $50,000 will be subject to a flood levy. The taxable incomes between $50,000 and $99,999 will be subject to a flood levy of 0.5% on income over $50,000 and those whose taxable income is more than $100,000 will be subject to a levy of $250 plus 1% on income over $100,000. As an example if your income is $80,000 your flood levy will be $150.00 ($80,000-$50,000 x 0.5%). Some exemptions will apply.
Following a recent High Court relating to the deductibility of education expenses against Youth allowance income the Australian Taxation Office is amending Tax Assessments for the years ending 30th of June 2007, 2008, 2009 and 2010 to allow for an automatic deduction of $550 for those in receipt of Youth Allowance, Austudy and ABSTUDY income.
On 30 March 2011, AXA merged with AMP.
AXA ordinary shareholders received 0.73 fully-paid ordinary shares in AMP and $2.5464 cash for each ordinary share they held on 16 March 2011.
AXA also paid a final unfranked dividend of 9.25 cents per ordinary share.
The market value of each AMP share received by AXA shareholders is $5.32.
Are there any tax consequences for me?
There are three consequences:
Since 2006, families have been able to establish an SDT to provide for the current and future care and accommodation needs of a family member with severe disability (the "principal beneficiary"). SDTs attract social security means test concessions for the eligible contributors and the principal beneficiary.
- Many people fail to consider the Capital Gains Tax (CGT) consequences that can arise after their death, some of which can have a massive impact on the estate itself.
- Shareholders with BHP shares will be receiving information inviting them to take part in the share buy back.
In a recent hearing at the Administrative Appeals Tribunal it was held that a payment received by a taxpayer from his former employer as a settlement to legal proceedings was assessable as an employment termination payment (ETP) and not a tax-free capital payment for personal injury.
The taxpayer had claimed age discrimination and breach of contract among other things and the settlement had involved a deed of release with the former employer agreeing to make a settlement payment of $395,000.
Luxury Car Tax (LCT) of 33% applies to most vehicles over the LCT threshold which is $57,466 for the 2010-11 financial year. If the car is fuel efficient, LCT will not apply unless the car exceeds the fuel efficient car limit which is $75,375 for the 2010-11 financial year.
To be fuel efficient, the car must have a fuel consumption not exceeding 7 litres per 100 km.
We recently provided tax advice to a financial advisor on the restructure of a business owned by a husband and wife client which resulted in significant savings. The couple, each aged 55, had during their working life run a small business using a family trust and owning their business premises.
By working closely with the client’s financial advisors, we were able to have the client:
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