THIS QUARTER’S NEWSLETTER COVERS THE FOLLOWING TOPICS:

LAST YEAR OF THE SCHOOLKIDS BONUS

The SchoolKids bonus is being phased out with the final instalment being July 2016. The SchoolKids bonus is available to a parent or carer receiving Family Tax Benefit Part A for a dependant child in primary or secondary education and the family adjusted taxable income is less than $100,000. Read more…

GIC & SIC RATES

TheThe ATO has published general interest charge (GIC) and shortfall interest charge (SIC) rates for the second quarter of the 2015-16 income year. The GIC annual rate for October – December 2015 is 9.14%, and the SIC rate is 5.14%.

CHRISTMAS FUNNY – THE TAX SYSTEM EXPLAINED IN BEER

Suppose that every day, ten men go out for beers and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this. Read more…

ACTIVITY STATEMENT & MYGOV ACCOUNTS

If you are an individual or sole trader and you have a myGov account linked to the ATO, you will no longer receive a paper activity statement. All future activity statements or instalment notices will be sent electronically with a message delivered to your myGov Inbox. Read more…

PAYG INCOME TAX INSTALMENT CHANGES

From 1 January 2016 companies or corporate groups with an annual turnover of greater than $20million will be required to pay their PAYG Income Tax Instalment on a monthly rather than quarterly basis. The first monthly PAYG Instalment for January 2016 will be due for payment on 21 February 2016. Read more…

SUPERANNUATION PRESERVATION AGE

The gradual change in preservation age for superannuation benefits starts to be relevant in the 2016 financial year. Your preservation age is the minimum age at which you can access your preserved super benefits without meeting another condition of release and is based on your year of birth. Read more…

TIME LIMIT ON GST & FUEL TAX CREDITS

Most businesses promptly claim a GST or Fuel Tax Credit as it is crucial for their business cashflow, however it is important to remember that a 4 year time limit exists from the time a business first became entitled to the credit. Read more…

WEBSITE COSTS IN YOUR BUSINESS

Most small and large businesses have a website in order to reach new and existing customers with information and sometimes provide a sales platform. Read more…

FINANCE ARTICLE:
TIPS ON PAYING OFF YOUR HOME LOAN & SAVING INTEREST

With historically low interest rates, now is a good time to take stock of your finances. Many people want to achieve their goal of home ownership and now is as good a time as any to look at some of the measures that can see this happen sooner rather than later. Read more…

FEATURE ARTICLE:
CHANGES TO THE FOREIGN INVESTMENT REVIEW BOARD RULES

The Australian Government has recently announced the introduction of new disclosure rules and fees for all foreign investment in Australia. Read more…

UPCOMING KEY DATES

DOWNLOAD THE NEWSLETTER HERE