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Taxwise individual news - September 2013

Published on 01 Sep 13 by THE TAX INSTITUTE

This issue of Taxwise covers:

  • election 2013
  • ATO compliance focus
  • low income earners may still need to lodge a return
  • Medicare levy rising to pay for DisabilityCare Australia
  • updated ATO information on private health insurance rebate and Medicare levy surcharge
  • net medical expenses tax offset phase out
  • fid you receive an employment termination payment in 2013?
  • sre you a denior or pensioner and a foreign resident? Are you entitled to a tax offset?
  • information for businesses and contractors in the building and construction industry
  • reporting of personal services income and business income
  • capping of education expense deductions for employees
  • proposal to abolish FBT statutory formula for cars
  • are you a property owner?
  • letters to directors with outstanding obligations
  • combatting “dividend washing”
  • tax avodiance schemes – Warning to investors from ATO
  • employee share scheme rules under review
  • tax advice provided by financial planners to be regulated
  • Treasurer promises a 5 year freeze on superannuation changes
  • Trans-Tasman super portability regulations made
  • when a superannuation income stream commences and ceases – TR 2012/5
  • useful ATO link.

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The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding. We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.
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