The latest news and information from the Summerhill Financial Management Team
Other bonus payments that have been announced as part of the Government’s $42b Stimulus Package are outlined below, and are dependent on being entitled to Family Tax Benefit Part A or Part B. (more…)
As many would be aware, the Federal Government is spending $42 billion over a number of measures to stimulate our Australian economy during this current world economic crisis.
One measure is to provide up to $900 as a tax-free cash bonus to Australian taxpayers. It is estimated that 8 million Australians may be entitled to this bonus, or part thereof. (more…)
It appears the ATO are currently quite busy processing income tax returns at this stage of the calendar year.
The ATO has recently sent out a broadcast to all tax agents noting delays in processing the tax returns at this time, which is also leading to a delay in following up queries raised as to the progress of processing those returns. (more…)
It is worth remembering there is a tax credit available to be claimed on your tax return in respect of net medical expenses paid during a financial year.
Known as the medical expense rebate, the rebate provides a 20% tax credit for net medical expenses that exceed $1,500. (more…)
Read the latest edition of the Summerhill Group e-newsletter
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Each year at this time, the Commissioner of Taxation announces key areas the Tax Office will focus on as part of its annual audit regime.
Many of the focus areas stay the same from year to year, although the ATO will add areas to its radar where it believes there is system abuse. (more…)
With more than $286 billion held through Self Managed Superannuation Funds (SMSFs), the Federal Government and Tax Office are keen to ensure all parties are complying with their obligations.
SMSF trustees are likely to receive greater interest from the Tax Office to ensure each trustee understands their roles and responsibilities in operating their SMSFs. The government and ATO believe many trustees are not sufficiently aware of their duties, and perhaps rely on the SMSF’s accountants, auditors and advisers to fill this deficiency. (more…)
The Australian Tax Office has released the latest statistics it has gathered on Self Managed Superannuation Funds (SMSFs).
At the end of the 31 March 2008 quarter, there were 378,656 SMSFs - an increase of 12% in 12 months.
