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Super caps increased for 2014/15

Super caps increased for 2014/15 The ATO has announced the following changes to the superannuation contributions caps. Concessional contributions cap These include: –   employer contributions (including those under a salary sacrifice arrangement); and –   personal contributions claimed as a tax…

SMSF trustees may soon be fined for breaches by their fund

SMSF trustees may soon be fined for breaches by their fund Editor:  In the ATO’s latest edition of its “SMSF News”, it cautions trustees of self-managed superannuation funds (SMSFs)about new penalty provisions that are coming into play on 1 July.…
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FBT rates 2014/15

FBT Rate – 2013/14 & 2014/15 The FBT rate of tax has been increased by half a percent from 1 April 2014.  The new rate of tax and the consequent increased gross-up rates follow: FBT Year Ended Rate of Tax…
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Small Business Panel to Boost ATO Expertise

Editor:  The ATO has issued a media release in relation to a new small business consultancy panel.  As positions on the panel are paid, some clients may wish to consider applying. The ATO is inviting Australia’s small business owners to…
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GIC and SIC rate for June 2014 quarter

The ATO has released the June 2014 quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC) as follows: GIC annual rate 9.63% GIC daily rate 0.02638356% SIC annual rate 5.63% SIC daily rate 0.01542466% Also,…
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Overtime Meals Allowance

An overtime meals allowance should normally be itemised on your annual payment summary, identified separately (and in addition to) your gross wages. When itemised in this way, it should be declared as income in your tax return, but if you…
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