Patane Accounting Pty Ltd is a CPA Practice
The government will be phasing out the net medical expenses tax offset Net medical expenses are the total medical expenses, minus refunds from Medicare and private health insurers that an individual is entitled to receive. From 1 July 2013, those taxpayers who received the offset in their 2012-13 income tax assessment will be eligible for…
The ATO is getting serious about the non-lodgement of self managed super fund (SMSF) annual returns. The ATO currently has a number of compliance strategies in place to address this issue; however, this year they are taking additional steps to engage the trustees of SMSF’s that have two or more overdue lodgement obligations. From September…
The Government’s plan to abolish a number of tax measures could cost individuals and businesses several thousands of dollars. It is important to be aware of these potential changes as decisions pre and post 1 January 2014 could have serious implications. Below are some of the potential changes, however, take note that these changes are…
The Federal Government has introduced changes to the superannuation system designed to make Australia’s superannuation system stronger and more efficient. These reforms are called Stronger Super and have been introduced following a Government review of the country’s superannuation system in 2009. From now until June 2016 the legislated changes will aim to simplify the superannuation…
On 8 May 2012, changes to the CGT discount were announced in the 2012-13 Budget. These changes became law as of 29 June 2013. The changes mean that foreign or temporary residents and Australian residents who have lived overseas may not receive the complete CGT discount. From 8 May 2012, individuals, including beneficiaries of a…
There has been a significant growth in the value of superannuation assets held in retirement products. As a result of this, regulators, super funds and super funds members are increasing their focus on superannuation pensions. This extra attention on superannuation pensions is reflected by the release of a series of rulings and other announcements regarding…
