The standard deduction will rise to $1,000 from 1 July 2013 and will give taxpayers the option of bypassing the costly and complex work of figuring out what is deductible, correctly quantifying work-related expenses and dividing expenses between income-earning purposes and private purposes. Providing a standard deduction will remove this burden for many taxpayers and increase their…
The companies and individuals targeted in yesterday’s warrants were identified as having allegedly committed serious fraud. Mr Combet said the Government and the Australian people were rightly disappointed that the Home Insulation Program had been tainted by alleged illegal conduct and the possibly fraudulent behaviour of a number of individuals. While the Government has been upfront…
Carbon taxes are in place in Britain, Denmark, Finland, Norway, Sweden, the Netherlands and Canada and under discussion elsewhere, including in the EU, Japan and South Africa. Other countries, including China, Taiwan, Chile and South Korea, and a number of Canadian provinces, are either considering developing their own or already have trial emissions trading schemes…
This measure is one of a number of reforms, including increasing the superannuation guarantee rate to 12 per cent and a Government contribution for low income earners, which will directly impact the cost of conducting business in Australia While it will deliver improvements in retirement savings and a variation to the distribution of superannuation taxation concessions, someone has…
Under the Sustainability Advantage Program your business will: How do you get involved? For further information call Business Partnerships on (02) 8837 6000 or email sustainbus@environment.nsw.gov.au
The proposed amendments will ensure that new residential premises constructed under development lease arrangements since 3 October 2007 are treated as taxable supplies, rather than input taxed supplies, where the premises are sold by developers to home buyers or investors. This amendment will contain a transitional provision that will operate to ensure that no one…
The Productivity Commission is looking into the implications of globalisation on the Australian retail sector. The government is strongly encouraging brick and mortar and online retailers, consumer groups, unions, shoppers, suppliers and other experts and stakeholders to make submissions to the inquiry. Retail is one of the largest employers in the country, and with ABS statistics showing retail turnover…
Australian workers and retirees will find it easier to find ‘lost’ superannuation accounts, after the Government today released draft legislation that will allow superannuation funds to use tax file numbers (TFNs) to identify members’ accounts. The draft Bill enables superannuation funds to use the TFN to identify member accounts from 1 July 2011. Although members…
The draft legislation allows people with self-managed super funds to continue to invest in art and other personal use assets. However, the rules will be tighten so people can’t claim they are, for example, ‘collecting’ high-end sports cars, paying reduced tax and then actually driving around in those vehicles. The new rules will ensure these investments do not…
From 1 July 2011, the Tax Breaks for Green Buildings scheme will offer businesses that invest in eligible assets or capital works to improve the energy efficiency of their existing buildings – from 2 stars or lower to 4 stars or higher – the ability to apply for a one-off bonus tax deduction of 50…
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