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Flood Levy
The Prime Minister, the Hon. Julia Gillard, has announced that the Australian Federal Government would impose a levy on taxable incomes to help fund reconstruction work in Queensland and other regions devastated by severe flood damage. The levy will apply for the 2011 - 12 financial year only.
The details of the proposed levy are:
- no levy will apply on taxable incomes of $50,000 or less
- a levy of 0.5 per cent will be applied on that part of an individual's taxable income between $50,001 and $100,000
- a levy of one per cent will be applied on taxable income above $100,000
- those who receive the Australian Government Disaster Recovery Payment for a flood event in 2010 - 11 will be exempt from the levy
It is important you let us know if you received any payments for flood relief. In most cases these will be non-taxable, however if you have any further questions please contact our office.
2010-11 Budget
Highlights of the new Budget
INTEREST DISCOUNT
· From 1 July 2011 (2012 Tax Year)
· 50% Discount on up to $1,000 of interest earned
· Reduces assessable income, as well as “adjusted taxable income” for other areas e.g. Family Tax Benefit or Commonwealth Seniors Health Card.
STANDARD TAX DEDUCTION
· From 1 July 2012 (2013 Tax Year)
· Optional $500 deduction instead of claiming work-related expenses and cost of managing tax affairs
· Increases to $1,000 from 1 July 2013 (2014 Tax Year)
SMALL BUSINESS
· Early company tax rate cut: 28% from the 2013 Tax Year
· $5,000 Immediate write off from 1 July 2012 (2013 Tax Year)
· Small Business Pool available at 30% depreciation rate (excluding buildings)
COMPANY TAX RATE REDUCTION
· Reduced to 29% in 2014 Tax Year
· Reduced to 28% in 2015 Tax Year
SUPERANNUATION
· Increasing SG rate from 9% to 12%
· Contribution of up to $500 for workers with low incomes up to $37,000
· SG Age increasing from 70 to 75
· Concessional cap for over 50s & balances of less than $500k increased to $50,000
· Co-Contribution cap to remain at $1,000 (Shading Range $31,920 to $61,920
|
Year |
SG % |
|
2014 |
9.25 |
|
2015 |
9.50 |
|
2016 |
10.00 |
|
2017 |
10.50 |
|
2018 |
11.00 |
|
2019 |
11.50 |
|
2020 |
12.00 |
Motor Vehicle Deductions 2010
Motor Vehicle - Set Rate per Kilometre
If you use a personal vehicle for work purposes you can make a claim based on a set rate per business kilometre, up to a maximum of 5,000KM. This method is ideal if you only need to claim for minor travel, as you do not need any written evidence or receipts. However you are required to substantiate any claim made with other evidence. (Such as diary evidence of the trips made, and distance travelled.)
We also have logbooks on hand, so if you have used your vehicle more than in previous years, or purchased a new vehicle please ask us about claims via a logbook as you may be entitled to larger deductions.
The Tax Office rates are as follows:
HECS/HELP Repayments 2010
HECS & SFSS RATES TABLE
Repayment Income
HECS Repayment rate % of
Repayment Income
SFSS Repayment rate % of
Repayment Income
0 – 43,150
Nil
Nil
43,151 – 48,066
4%
2%
48,067 – 52,980
4.5%
2%
52,981 – 55,764
5%
3%
55,765 – 59,943
5.5%
3%
59,944 – 64,919
6%
3%
64,920 – 68,336
6.5%
3%
68,337 – 75,203
7%
3%
75,204 – 80,136
7.5%
4%
80,137 +
8%
4%
Repayment Income
HECS Repayment rate % of
Repayment Income
SFSS Repayment rate % of
Repayment Income
0 – 43,150
Nil
Nil
43,151 – 48,066
4%
2%
48,067 – 52,980
4.5%
2%
52,981 – 55,764
5%
3%
55,765 – 59,943
5.5%
3%
59,944 – 64,919
6%
3%
64,920 – 68,336
6.5%
3%
68,337 – 75,203
7%
3%
75,204 – 80,136
7.5%
4%
80,137 +
8%
4%
Repayment income = Taxable income plus any total net rental losses, total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income.
If you need to know more we can explain how the repayment system works to you, Contact Us for a consultation.
Motor Vehicle Deductions 2009
Motor Vehicle - Set Rate per Kilometre
If you use a personal vehicle for work purposes you can make a claim based on a set rate per business kilometre, up to a maximum of 5,000KM. This method is ideal if you only need to claim for minor travel, as you do not need any written evidence or receipts. However you are required to substantiate any claim made with other evidence. (Such as diary evidence of the trips made, and distance travelled.)
The Tax Office rates are as follows:
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