10 highlights from the 2012 Federal Budget
No Company Tax Cut as previously promised
Family Tax benefit A increases payments to families and individuals on welfare
No standard deduction on company tax for small businesses
New Schoolkids bonus scheme for education expenses
Super high contributor’s tax for over 50’s earning greater than $300,000 per year
Funding for GST additional compliance extended
Deferral of contributions cap increase for over [...]
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PAYG Crackdown
The ATO recently announced a new scheme to investigate PAYG instalment amounts from SME’s after revealing it receives up to 18,000 complaints about unpaid super per year. Almost 70% of the complaints were regarding SME’s.
The standout issue are common, often avoidable errors relating to statement preparation and not paying super on time. All businesses that fail [...]
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Unemployment rate drops to 1 year low
Australia continues to defy international trends in the unemployment sector by posting a 4.9% unemployment rate for April.
The rate has dropped from 5.2% in March, matching the lowest level since December 2008. Lower interest rates and the strong Australian Dollar are seen as the catalysts for the strong job figures.
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Compliant SMSF Insurance
A new court ruling has clarified the requirements of SMSF in relation to assets insurance. The SMSF must be the listed beneficiary for all assets, such as collectables, jewellery, antiques and more.
If these items are not clearly listed the SMSF runs the risk of being non-compliant.
A separate policy for each item is not required, as [...]
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