Individual tax returns from $110 - $130
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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:
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 rates will increase from 9.25% to 9.5% and it will remain 9.5% until 2018.
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.
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.
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.