Taxation

Do you have a Capital Gains Tax issue? Most commonly, a significant capital gain arises if you sell a high value investment property, or your business is acquired, sold or floated. If you don’t have any capital losses to offset your gain it can be disheartening to hand over hundreds of thousands of dollars to the tax man. Consider a... Read more

NEW Pocket Tax Guide Our handy booklet containing the most commonly used tax rates and superannuation information is now available. Submit your postal address and we’ll post one out to you.

A new scam is being reported. A phishing email claiming to be from the ATO is currently circulating. The email claims that the recipient is entitled to a tax refund and states they should click the embedded link and complete the online form. Do not click on the link in the email as it opens a fake webpage that will... Read more

Businesses that increase the number of employees in NSW could be eligible for a $5,000 payroll tax rebate, under the “Jobs Action Plan” which is designed to give businesses an incentive to employ new workers and expand their enterprises. To be eligible for the rebate, the new position can be full-time or part-time, where the role is performed mainly in... Read more

A number of tax changes aimed at reducing complexity, cutting red tape and providing tax relief for small businesses have been introduced this year. Following is an outline of the changes relevant for small businesses in this financial year. From the 2012-13 income year, small business can: immediately write-off of all assets valued at under $6,500 (up from $1,000 previously);... Read more

Tax Alert 1 Loss ‘Carry Back’ Provisions: Progress Update – The Government’s proposed  loss ‘carry back’ measure was introduced into Parliament in February.These provisions seek to allow ‘carry back’ of losses in the current financial year to offset prior year profits, to obtain a refund of tax previously paid.The intention of this measure is to assist corporate businesses facing pressures from... Read more

It’s Christmas time….what’s tax deductible? December 2012 By Matthew Stewart, Director – Edney Ryan Chartered Accountants So it’s just about the time you are thinking “What are we going to do for our staff for Christmas” or “I hope my employer is going to put on a huge show for the festive season and it’s going to be big because... Read more

Recently reading a copy of Jane Eyre, when she was asked where the wicked go after death, Jane replied ‘They go to hell’. When asked what should be done to avoid hell, Jane answered ‘I must keep in good health, and not die.’ But of course the grim reaper comes to us all eventually and when he does, that other... Read more

From 1st July 2012 the private health insurance rebate will be income tested, and there are changes to the Medicare levy. Full details can be viewed at the Department of Health and Ageing site. The changes will operate as follows from 1 July 2012: Unchanged Tier 1 Tier 2 Tier 3 Singles Families ≤ $84,000 ≤ $168,000 $84,001-97,000 $168,001-194,000 $97,001-130,000... Read more

The federal budget has been handed down and the promise of a return to surplus delivered. Here in this issue of On Balance, we highlight some budget changes that are likely to be of particular interest to many of our clients. Spending Cuts Significantly major cuts have been made to defence spending, overseas aid and the 1% reduction of the... Read more