Taxation, investments, small business Accounting and advice, superannuation - Jamiesons Chartered Accountants
 

Last Minute Super Contributions for tax year ended 30 June 2012

You may be eligible for a Government co-contribution if:

  • you make voluntary after-tax contributions to a super fund during the financial year,
  • your total income was less than $61,920 (for 2011-2012 financial year),
  • you are under 71 years old at the end of that tax year,
  • you lodged an income tax return for that financial year,
  • you earned 10 per cent or more of your total income from running a business, or from eligible employment or a combination of both.

How much will you be entitled to?

 

Your total income

You pay

Your reward

$31,920 or less

$1000

$1000

$40,000

$ 731

$ 731

$50,000

$ 397

$ 397

$61,920 or more

$     0

$     0



Please contact Jim, Karen or Gary on 07 55 030 466 should you wish to discuss this further.

 

Please find below taxation changes coming into effect from 1 July 2012.


Private health insurance rebate changes

From 1 July 2012, an individual's entitlement to a private health insurance rebate will be income tested. These changes are for the 2012-13 financial year.

Taxpayers will not be entitled to their current rate of rebate if their income for Medicare levy surcharge purposes is either:

  • a single income of $84,001 or more
  • a combined family income of $168,001 or more.

For further information please click here

If your income is anticipated to be greater than the amounts specified above, consider making advance premium payments before 30 June 2012 to get the benefit of the 30% rebate.

Please contact Jim, Karen or Gary on 07 55 030 466 should you wish to discuss this further.

 

Plant and Equipment

From 1 July 2012, small businesses will be able to immediately deduct the cost of any new business assets costing less than $6,500, for as many assets as they purchase.

In addition, businesses will be able to write off assets costing more than $6,500 in a single pool (15 per cent in the first year, 30 per cent in each subsequent year). We also recognise that for many small businesses their biggest asset is their ute or van. Small businesses will be able to also immediately deduct the first $5,000 of a new or used motor vehicle, purchased from 1 July this year. 

These reforms will make the tax system simpler for small businesses, whether they are run by sole traders, partnerships, trusts or through a company.

Please contact Jim, Karen or Gary on 07 55 030 466 should you wish to discuss this further.

 

 

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