As the financial year draws to a close remember to organise your financial documents and keep track of your deductions. This will make your life much easier come 30 June. In To further help you prepare for the new financial year, we will take a closer look at the new federal budget and how it will affect you.
In this edition we will also highlight the most important objectives of tax planning. After all, we are all know that failing to plan is planning to fail!
We will also tell you a bit more about Saber attending one of Gold Coast's biggest social events; The Bruce Lynton Charity Ball. It was a spectacular night and Saber is very pleased about being able to take part in an event that over the last 12 years has raised over $1.3 million dollars for local charities.
Lastly we would like to introduce our CA qualified new Accountant Manager, Mr Eric Flammang.
Happy New Financial Year from the Saber team!
2012 Federal Budget Highlights
Due to the expected rise in the cost of living resulting from the introduction of the carbon tax on 1 July, the government is aiming at redistributing up to $20 billion over four years to low and middle income earners through tax cuts and bonuses.
The budget contains a supplementary allowance worth $210 a year for singles and $350 for couples who are either receiving unemployment compensation, youth allowance or the parenting payment system.
Family tax benefit Part A payments will be boosted by $1.8 billion, which is worth as much as an extra $300 a year for families with one child and $600 for families with two or more children.
An additional $2.1 billion has been dedicated to the new ''School Kids Bonus' (formerly known as the "Educational Tax Refund")' in which low and middle income earners will receive $410 a year for each child at primary school and $820 for each high school student.
The budget did not allow for businesses' tax cuts but introduced a concession allowing them to claim up to $300,000 in deductions against losses previously incurred.
Unfortunately, the plan to allow all taxpayers to contribute up to $50,000 to their superannuation funds at the concessional 15% rate and claim a deduction in their personal tax has been deferred another two years.
The government forecasts a resulting $1.5 billion surplus in the first year (up from a $44 billion deficit in the 2011 financial year).
Changes to the 30% Government Rebate & How It Affects You
Up until the 1st July 2012, all individuals purchasing Health Insurance will have had the opportunity to receive a 30 per cent (at minimum) Government Rebate on the contributions towards their Private Health Insurance cover. This rebate was available to all Australians irrespective of income.
Under the new scheme developed by the Government which is planned to take place on the 1st July 2012, all those purchasing Health Insurance will be required to accept a tailored rebate amount according to the income an individual/family earns.
The new legislation change introduces three 'Private Health Insurance Incentive Tiers' based on income thresholds which will be indexed to Average Weekly Ordinary Time Earnings.
For low and middle-income earners, the existing 30, 35 and 40 per cent Private Health Insurance rebates will remain in place. Higher income earners will receive a lower rebate if they choose to hold Hospital Cover under Private Health Insurance, but will face a higher Medicare Levy Surcharge (MLS) if they choose not to hold Hospital Cover under Private Health Insurance.
If you are not defined as a high income earner (The Government defines a high incomer earner as either a single earning above $84,000 or a couple/family earning above $168,000 per year) then your rebate will remain unchanged and this legislation will not affect you.
Find out more on the Australian government federal budget website: http://www.budget.gov.au
Its that time of year again!
Due to the increase in Tax Rates over the years, tax planning has undoubtedly become an integral part of business life. With the goal to minimise taxes before the 30 June, a thorough knowledge of Taxation Law is required to undertake Tax Planning strategies.
No business is the same and therefore no tax planning strategy is the same. The tax planning strategy will vary depending on aspects such as cash flow, maturity of the business, the age of the owners and the plans for the future.
The main objectives of tax planning is to;
- Reduce taxable income
- Increase allowable deductions
- Reduce the tax rate where available
- Defer or delay payment of tax
- Superannuation Strategies
All of these factors need to be reviewed prior to 30 June. If you would like to discuss your taxation matters and possible strategies for your business please do not hesitate to contact us on 07 55 264 333 to book an appointment.
Saber dances the night away at the Bruce Lynton Charity Ball
Bruce Lynton Charity Ball is one of the biggest events on Gold Coast's social calendar. Held for 12 years running it has raised over $1.3 million dollars for local charities. Members of the Saber team attended the event held on Saturday the 21 April to help support charities such as the Cancer Council Queensland, Guide Dogs Queensland, Youngcare and Surf Life Saving. The theme of the night was Circus inspired and the evening was a whirlwind of fireworks, bumper cars, acrobats and candy floss. The silent and grand auctions were a big hit with amazing items donated by local businesses. The Saber team had a fantastic evening and danced the night away to the tunes of local bands- and the best part was knowing that it was for a great cause!
To find out more about the event please visit: http://www.brucelyntoncharityball.com/index.php
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