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Pension deeming rates to be lowered The social security deeming rates* will be lowered from 20 March 2015 as follows: the ‘lower deeming rate’ will decrease from 2% to 1.75% for financial investments up to $48,000 for single pensioners and…

‘Single Touch Payroll’ on the horizon Editor: The government announced on 28 December 2014 that they intended to simplify tax and superannuation reporting obligations through ‘Single Touch Payroll’. Under Single Touch Payroll, employers will be required to electronically report payroll…

ATO update regarding the ‘Director Penalty Regime’ Editor: The release of this ATO fact sheet follows a number of recent cases involving directors being largely unsuccessful in arguing why penalties under the director penalty regime should not apply to them.…

Small business company tax cut to go ahead The Prime Minister announced that the government is currently working on a small business and jobs package, and that at the heart of this package was a small business company tax cut from…

Deductibility of a ‘working with children check’ Where the cost of a working with children check application is borne by an employee, the expense is deductible in the following situations: if the employee is an existing employee and is required to obtain…

Time limits for family assistance payments The ATO has reminded taxpayers who want to claim family assistance payments for the 2014 financial year that they must lodge a claim with the Department of Human Services (Centrelink) by 30 June 2015 to be…