If you wish to claim family assistance payments for the 2014–15 financial year, you must lodge the lump sum claim with the Department of Human Services (Centrelink) by 30 June 2016. Family assistance payments include family tax benefit, child care benefit and single income family supplement.

Lodge your lump sum claim with Centrelink as soon as possible, even if you lodge it before you lodge your 2015 income tax return (ITR).

2015 Income Tax Return Due

Your 2015 ITR must be lodged by 30 June 2016. This is regardless of whether you receive the family assistance payments in instalments or as a lump sum at the end of the year. If you have a partner, their 2015 ITR is also due by this date. Lodgement deferrals granted by the ATO do not automatically apply to Centrelink claims.

If you or your partner do not need to lodge an ITR for 2015, you must notify Centrelink by 30 June 2016, even if you have notified ATO.

A delay in lodging the 2015 ITR or notifying Centrelink that a return is not necessary, even by one day, will result in you missing out on some or all of the family assistance payments for the 2014–15 financial year.

If you have any queries in relation to the family assistance, contact Centrelink on 13 61 50.

 

Call Accountants Cranbourne at 1300 300 106 for further information.

Since the announcement of the new budget, there’s been a lot of discussion among businesses as to how it will affect them. The 2015-16 Federal Budget is focused on encouraging for investments through a wide range of incentives that are aimed on small business.  

The main developments in the 2015-16 Budget for business are:

 

  • Tax cuts for small business and $20,000 accelerated tax deductions: this is, however, limited to businesses with turnover of less than $2 million. This is to give small businesses a chance to grow, invest and create jobs.
  • Reductions on the cost of starting a new business: as of 1 July 2015, businesses will be able to streamline their registration, write-off tax faster for start-up expenses such as professional, legal and accounting advice.
  • Increase in depreciation rates for primary producers: as of 1 July 2015, the government will allow all primary producers to immediately deduct capital disbursement on fencing and water facilities and depreciate all capital expenditure storage assets for animal food such as tanks used for storing grains and silo among other animal feed over three years.
  • Extending the GST base: to capture a wider range of online digital products.
  • Parental Leave Pay (‘PLP’): the government will be making sure that all primary carers would have access to PLP’s that are at least equal to the maximum PLP benefit
  • Increase in asset test threshold for aged pension:
  • For a single person- eligible to receive full pension is relevant value of included assets is less than $250, 000 for a homeowner
  • For a pensioner couple- full pension is receivable if the relevant combined valued of included assets is less than $375, 000 for a homeowner
  • Medicare levy: family income threshold will increase by $3, 238 for each dependant child or student and $33, 044 for single seniors and pensioners


Research and Development (‘R&D’) tax incentive: a $100 million cap introduced by the government on the eligible amount of R&D expenditure for which a tax offset at concessional rate can be claimed by companies.

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

Tax Changes from 1st July 2014


• From 1st July 2014, taxpayers earning more than $180,000 and over will be taxed on additional 2% temporary budget repair levy.
• Dependent spouse and mature age worker tax offsets will be ceased.
• Taxpayers won’t be able to claim the net medical expenses offset anymore unless you had a claim in 2013 FY.


Superannuation

Superannuation rates will increase from 9.25% to 9.5% and it will remain 9.5% until 2018.


Depreciation Assets

Under the current law, small businesses can claim an immediate tax deduction for individual assets costing less than $6500 excluding GST. The Government has proposed Mining Tax Repeal Bill that reduces instant asset write-off from $6500 to $1,000 for individual assets purchased or installed after 1st January 2014.

Medicare Levy


The Medicare levy for individual taxpayer will increase from 1.5% to 2%. Also, no change to Medicare levy surcharge has been made. Surcharge applies to taxpayer who does not have adequate health insurance.

Contact us today on 1300 300 106 for further information about our Cranbourne Accountant and Cranbourne Tax Agent Services.

There is a small relief for the companies in last night’s budget; Treasurer Joe Hockey has announced the cut in the company tax rate from 30% to 28.5% from 1 July 2015.


However it wasn’t all that good news for the tax payers –


Taxpayers earning over $180,000.00 will be subject to a 2% temporary budget repair levy for the next 3 years form 2014-2017.


There will be a $7.00 fee for going to a doctor.


Mature Age Worker Tax Offset (MAWTO) & Dependent Spouse Tax Offset (DSTO) will be abolished for all taxpayers from 1 July 2014.


Petrol prices will go up.


Students might have to fund a higher proportion of their education.


Medicare Levy will increase to 2% from July 2014.


Superannuation guarantee rate to increase to 9.5% from July 2014.


First Home Saver Accounts scheme to be ceased from July 2014.

Contact us today on 1300 300 106 for further information about our Cranbourne Accountant and Cranbourne Tax Agent Services to find out how this budget affects you.

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