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Personal tax changes from July 2014. There are a number of changes to personal income tax that apply from the beginning of the 2014/15 financial year.…

Personal tax changes from July 2014. There are a number of changes to personal income tax that apply from the beginning of the 2014/15 financial year.…

Addressing our very high top personal tax rates. These are common financial problems to resolve and different solutions are adopted in countries around the world depending on the specific tax and legal system.…

Following an audit, the Tax Office disallowed the arrangement and eventually Mr Symond had to settle with the Tax Office involving a payment of $1.85m covering both his personal tax liability and loss of franking credits.…

The Tax Office can impose a monetary penalty based on a percentage of the underlying tax obligation for lack of care.In this case, the director had personal tax of $13,497 due and a penalty of $10,535.…

released a consultation paper proposing that where someone breaches their concessional contributions cap (deductable employer or self-employed super contributions) by up to $10,000 and for the first time, they can have the excess refunded to them and pay personal…

Save Tax - personal use assets. These are assets (other than collectables) kept primarily for your personal use and enjoyment. If acquired for $10,000 (excluding GST) or less, any capital gain is exempt.…

Save Tax: Tax planning. Are you operating a business alone or in partnership with your spouse?…

Save Tax - tax offset or tax deduction. Which is better? A tax offset is not the same as a tax deduction. A deduction is subtracted from your assessable income to calculate your taxable income whilst tax offsets are deducted from the income tax payable.…

Save Tax: family tax planning. Where there are large income differences between spouses, or there are children involved, especially adult children who are undertaking tertiary education, significant tax benefits can be obtained by careful tax planning.…