New Government Super Payment commenced on 1 July 2012 – the low income super contribution. This payment aims to boost the super of low-income earners to help them save for their retirement.
Planning to contribute funds to your superannuation? Please ensure you are aware of the cap applicable to avoid paying extra tax.
If you receive income from more than one source and are certain that you will earn less than $18,200 in total income for the financial year, you can now claim the tax-free threshold from all of your employers and other withholding payers.
A wave of more favourable tax treatments are due to hit small business come 1 July 2012. You may want to keep these in mind if you are in the market (or planning) to buy an asset (or some) in the short term.
Clients often worry why their refunds are not as high last year. Of course we all love receiving tax refunds, but what are the common reasons your refund isn’t as high?