News

Wage earners who are paid on a fortnightly basis should note that there will be 27 pays in the 2011-2012 financial year.   As a result, a shortfall in tax withheld may occur. Rather than experience a tax bill at the end of the year of up…

Singles whose income for surcharge purposes is from $80,001pa to $93,000pa inclusive and couples/families whose income for surcharge purposes is from $160,001pa to $186,000pa inclusive in the 2011-12 financial year, who hold a complying private health insurance policy, will have their private health insurance rebate…

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…

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…

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…

Steaming of Capital Gains and Franked Dividend income from Trusts is possible for the 2011 income year. Trustees should review trust deeds to ensure that the deed allows streaming of income to specific beneficiaries. Recent trust deeds normally permit streaming; however, it is worthwhile checking the deed…