small business accounting newsletter | 2012 | July 2012 Newsletter

Income testing of the 30% private health insurance rebate starts on 1 July 2012. Essentially, singles earning over $84,000 per annum and families earning over $168,000 per annum will receive a reduced rebate that is less than the current 30% rebate.

Ouch!!! Small business takes a hit

A recent case before the Administrative Appeals Tribunal (AAT) has demonstrated the need for great care when structuring arrangements to ensure a taxpayer's eligibility for the small business capital gains tax (CGT) concessions.

Kids, Who'd have them?

The Government has introduced legislation to implement its 2011 Budget announcement to bring an end to the ability of minors (children under 18 years of age) to access the low income tax offset (LITO) to reduce tax payable on their "unearned income" such as dividends, interest, rent, royalties and other income from property.

Is the non-residents holiday over?

Legislation has been introduced into Parliament to amend the income tax rates for non-residents from 1 July 2012.

Pretty please commissioner, could I have my tax refund?

Legislation is making its way through Parliament to give the Commissioner of Taxation a new power to withhold "high risk" refunds pending integrity checks of a taxpayer's claim.

Living-away-from-home just got tougher

The Government has proposed a raft of changes concerning living-away-from-home allowances (LAFHAs) and benefits. Essentially, the Government is restricting access to the concessions. Employers and employees who may be affected need to take note.

Director Beware! Do new laws place you at risk?

The Government has reintroduced legislation into Parliament to extend the director penalty regime. This will, among other things, make directors personally liable for their company's unpaid superannuation guarantee amounts.