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| Facebook |
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me on facebook |
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me on linkedin |
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to me on skype |
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ATO
get Building & Construction Industry to report all
payments to contractors via annual “taxable payments
report”. |
| Friday,
20 April 2012 |
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As
of 1 July 2012, most businesses operating in the
Building & Construction Industry will have to
keep a record of all payments (and ABN, address
details etc.) made to contractors and report this
summary information to the ATO
by 21 or 28 July 2013. My
message to people paying contractors is make sure
you are receiving tax invoices and have your recording
system in place NOW to capture the data required
(ABN, name, address, gross amount, GST) as you
are going to have to report it
and it will need to be accurate.
My message
to contractors is the days of the cash economy
are over = big brother (and his computer) knows.
For more information
check out the link or file attached:
http://www.ato.gov.au/businesses/content.aspx?doc=/content/00313486.htm&alias=taxablepaymentsreporting
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taxable
payments reporting.pdf |
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Goodbye
30% private health insurance premium rebate for
high income earners!
Hello higher Medicare Levy Surcharge rates!!!
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| Tuesday,
3 April 2012 |
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As
of 1 July 2012, access to the 30% private health
insurance rebate will be means tested meaning if
your 2012-13
“assessable” income as a:
- Single is more than $84,000 you will start to
lose the rebate and at $130k you lose it fully.
- Family is more than $168,000 combined you will
start to lose the rebate and at $260k it’s
gone.
My message
is to get out last year’s tax return and
work out what your/family assessable income is,
check out the table
in the below links/attachment to see how it will
effect your back pocket and then if it is going
to hurt,
call your private health insurer and check out
if you should cancel your old policy and start
another one so to change the
“timing” of your next premium payment
to be before 1 July 2012 to save/defer this “whack”
making sure to keep
your 365 days cover.
Then vote
Liberal at the next election as they have promised
to restore the rebate if they get in?
To make matters better/worse they have also tweaked
the Medicare Levy Surcharge (ie. Pay extra 1%
of your taxable income
if you don’t have PHI for the full year
and earn over $80k) whereby you pay an extra 1%
MLS if you earn between $84k-$97k,
or an extra 1.25% if you earn between $97k-$130k
or an extra 1.5% if you earn over $130k.
This is on top of the 1.5% you already pay as
a general Medicare Levy!
Is it time to get a PHI hospital cover quote from
www.iselect.com.au?
For
more information check out the link or file attached:
http://www.privatehealth.gov.au/healthinsurance/incentivessurcharges/rebatechanges.htm
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Changes
to PHI premium rebate - high earners lose.pdf |
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