Tax tips
Tax time 2013 Print E-mail

Overview of key changes 2013


  • Tax-free threshold increased
  • Electronic refunds
  • Income test labels
  • Private health insurance rebate
  • Medicare levy surcharge thresholds
  • Dependant tax offsets
  • Net medical expenses tax offset
  • Pensioner tax offset and senior Australians tax offset
  • Mature age worker tax offset
  • Employment termination payments tax offset
  • Low income super contribution
  • Individual tax return instructions supplement
  • Conservation tillage refundable tax offset
  • Business and professional items
  • Removal of the Entrepreneurs tax offset
  • Company, trust and partnership reporting made simpler
  • Research and development tax incentives
  • Small business concessions - simpler depreciation rules
  • Small business and general business tax break removed
  • Company loss carry back
  • Consolidation tax cost setting and rights to future income rules
  • Life insurance companies taxation schedule
  • Member information is required when a member rolls out of a fund
  • Super guarantee
  • Transitional employment termination payments measure - ceased
  • SMSF auditors
  • SMSF market value reporting
  • SMSF supervisory levy


Tips for charities Print E-mail
As part of our ongoing commitment to encourage willing participation in the tax system, we provide guidance and assistance to non-profit organisations to help them understand their obligations under the tax law.

Low income super contribution Print E-mail
What is the low income super contribution?

ATO warns taxpayers to disclose foreign source income Print E-mail

The ATO has issued Taxpayer Alert TA 2012/1 warning taxpayers of arrangements under which Australian resident taxpayers do not correctly include income and other taxable amounts from foreign sources in their assessable income for Australian tax purposes.



Check with client before issuing an on-the spot refund Print E-mail

The Tax Office has recently advised that if a tax agent is intending to give their client a refund before the client's notice of assessment has been issued, there is certain information that tax agents should seek.

Capital gains tax - disposal of property or shares Print E-mail
In late June 2012, we will be writing to taxpayers who have been identified through information provided to us, as having sold assets such as shares or property and may have made a capital gain or loss.

Get ready for tax time Print E-mail
With just over two weeks until the end of the financial year, many people are looking forward to getting a tax refund. Some will have catch-up payments to make.

Rental property deductions partly denied Print E-mail

The AAT has partly affirmed the decision of the Commissioner to disallow additional deductions in relation to a rental property as the taxpayer was not able to substantiate some of the claims: AAT Case [2012] AATA 174 (AAT, Ref No: 2011/2025, Ettinger SM, 21 March 2012).



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