Friday, May 08, 2009

 

"Who want your DEBTS.......?????? "

What plans he has in place????!!!!!! After what he did and or doing......
Does he understand the meaning of Debt? It means - When someone spend the money that he/she does not have.. But who care "Rudd's popularity will rise again with the Government's debt, such as 1st then 2nd then 3rd stimulus package and so on....

Our working mum and dad working family money from
AU$??billion surplus to ......in DEBTS - Not AU$1 million....but AU$??? billion

Should we encourage Rudd'07 to call for early election and then enrol the Rudd regime to the Financial Management course....Especially the Treasurer....



# posted by L.Y.B. @ 6:52 PM 0 comments

Friday, April 17, 2009

 

2008/2009 Tax Time is coming...

Tax Reporting Period: 1/7/2008 to 30/6/2009
Subnisssion Time: 1/7/2009 to 31/10/2009
Lower Income Tax offset: $1,200

Tax Rate:
0 – $6,000 Nil
$6,001 – $34,000 - 15c for each $1 over $6,000

$34,001 – $80,000 - $4,200 plus 30c for each $1 over $34,000

$80,001 – $180,000 - $18,000 plus 40c for each $1 over $80,000

$180,001 and over - $58,000 plus 45c for each $1 over $180,000

Company Tax rate remain unchanged at 30%

# posted by L.Y.B. @ 5:22 PM 0 comments

Friday, February 20, 2009

 

Future Generation to carry $42 billions DEBT

The Rudd Government stimulus package $42 billion, the plan aims to retain 90,000 jobs up to 2011 and to slow down the Australia against the global economic crisis.
The package covering:
• $14.7b for school infrastructure and maintenance and bringing forward funding for trade training centres ($200,000 per school)
• $12.7b for cash bonuses of up to $950 in immediate one-off payments for families with school-age children, farmers, single income families and people undergoing training
• $6.6b for community and public housing to boost the national stock of public and community housing by about 20,000 new homes
• $3.9b for insulation to 2.7 million homes and solar hot water rebates;
• $2.7b in tax breaks for small businesses to provide deductions for some equipment purchases before the end of June this year
• $890m for regional infrastructure and maintenance (such as: roads railway..) for regional and local government

The Rudd government could not guarantee this stimulus package will really work, in term of retaining JOBS, even the experts has advice that there is no format to measure this big hands-out the result.

But in reality, once the $42 billion has spent, this Debt will be passing to our Future Generation shoulders’.

So far, the Rudd Government has no practical agenda on “HOW TO PAY OFF THIS DEBT, while he is still in power?” The Government has denial there will be taxes increment to cover this Debt, his only hope that the DEBT will be automatically vanish when the economy picking-up again.

So let us hope his dream come true for the sake of our Future Generation might carry this heavy loaded burden.


# posted by L.Y.B. @ 5:06 PM 0 comments

Tuesday, January 20, 2009

 

Education Tax Refund - Are you in Computer Business?

If you are in Computer business either as a Hardware Supplier or Internet Service Provider, with Government commited to education tax refund -- you got to be lucky...

The Education Tax Refund (ETR) helps eligible families and independent students meet the cost of primary and secondary school education.

Your potential buyer can claim the ETR for education expenses if they incur while their child attends primary or secondary school.

    The Families and approved care organisations can claim 50% of their eligible educational expenses if:

  • they received Family Tax Benefit (FTB) Part A for the child, or
    a payment was made for the child that stopped them from receiving FTB Part A for that child.

  • Independent students may also be eligible to claim the ETR.


    The maximum they can claim is 50% of eligible expenses up to:
  • $750 for each eligible child in primary school - that is, a refund of up to $375.

  • $1,500 for each eligible child in secondary school - that is, a refund of up to $750.

If the buyer expenses exceed their refund limit for the year, any excess can go towards your following year’s refund claim, as long as they are still eligible.

The first year the buyer can claim the ETR is for the 2008-09 year (1 July 2008 to 30 June 2009).

Who is eligible?
    The buyer are eligible to claim an Education Tax Refund (ETR) for the period 1 July 2008 to 30 June 2009 if:

  • The buyer had eligible education expenses for a child, and
    the child was in primary or secondary school, and

  • The buyer received Family Tax Benefit (FTB) Part A for the child, or
    a payment was made for the child that stopped them from receiving FTB Part A for that child, or

  • The buyer's child stopped full-time school during the year and received sufficient income to stop you receiving FTB Part A.

  • If the buyer is an independent student attending secondary school or a secondary course of education provided at an educational institution such as a TAFE, they may also be eligible.

# posted by L.Y.B. @ 7:44 PM 0 comments

Friday, November 28, 2008

 

Australian Government Drought Assistance

    The major changes involving Centrelink delivered drought assistance include:
  • an increase to the off-farm income exemption from $10 000 to $20 000 when claiming Exceptional Circumstances Relief Payment or Interim Income Support

  • immediate access to the $5500 Professional Advice and Planning Grant (GST included) for farmers in Exceptional Circumstances (EC) declared areas

  • an extension of the eligibility requirements of small businesses access to EC assistance, to include small businesses located in towns that are substantially reliant on farm income, have a population of 10 000 or less, and are in an EC area (including prima facia and interim assistance areas)

  • a grant of up to $20 000 to irrigators in the Murray-Darling Basin to implement water management strategies in response to significantly reduced water allocations

  • an exit grant of up to $150 000 for farmers who have decided to leave the land, and an increase in the assets limit to access this grant to $575 000 (maximum grant payable if assets below $350 000), and

  • a further $10 000 is available for advice and re-training, and up to $10 000 for relocation expenses is also available to those who take up the Exceptional Circumstances Exit Grant.

# posted by L.Y.B. @ 7:25 PM 0 comments

Friday, October 03, 2008

 

Responsibilities of a Registered Tax Agent

In Australia, anybody or entity who practicing service to deal with tax issues on behalf of somebody (such as: annual tax return, BAS filing and any other tax related topics), should be a registered tax agent, which mean he/she has submit their application (Qualifications and experiences) to Tax Agents’ Board for registration and the application has been approved, newly registered tax agents are issued with a Certificate of Registration by the Tax Agents’ Board (the Board) which is accompanied by information that outlines their responsibilities as a registered tax agent.

There are lists of responsibilities in detail which you can view the Tax Agents’ Board website. Such as Notifying the Tax Agents’ Board ; Personal tax affairs; Preparation of returns; Registration certificate; Responsibilities to clients as well as Tax Agents’ Board responsibilities.

These are some of updated responsibilities include:
• tax agents are required to quote their full tax agent number on all communications to the Board or the Tax Office

• tax agents must be familiar with signature and declaration requirements and ensure that all returns, requests for amendment, and other documents lodged with the Tax Office have been properly authorised, and

• tax agents are obliged to advise the Board in writing of any changes to their address for service, business address, registered name, business name, or business or ownership structure.

More information about the responsibilities of registered tax agents can be viewed on the Tax Agents’ Board website and any questions can be directed to 13 72 86 Fast Key Code 3 4.

Tax agents should also be aware of their responsibilities regarding the use and disclosure of tax file numbers as outlined in the tax file number guidelines in the Privacy Act 1988. Details of those guidelines are available on the Federal Privacy Law website.

# posted by L.Y.B. @ 7:17 PM 0 comments

Friday, July 04, 2008

 

2008 Individual Tax Return


    There are few ways to lodgement individual Tax return, by:

  • registered tax agent (a list of registered tax agents can be found at Tax Agents' Board;
  • telephone (only for a short / simple tax return);

  • the Australian Tax Office's e-tax Internet system (fast, secure and quick refund)
    • ;
  • Tax Help community volunteers (this is a network of community volunteers trained to help people prepare their tax returns, e.g. baby bonus claim and claim for refunds of franking credits)
    • ;
  • family member and friend (you are legally responsible for the accuracy of the information on your tax return)
    • .
  • post (using "TaxPack" and "Supplementary pack" which available at most newsagents or tax-office shopfront).

    Income (from local and overseas accounts) should be included in tax return:
  • A copy of your group certificate/s (e.g. PAYG payment summary)

  • Bank statements

  • Dividend notices and interest payments

  • Rental income

  • Capital gains on shares, real estate and other investments

  • Work allowances

  • Reportable fringe benefits

  • Distributions from managed funds

  • Exempt income

  • Pensions payments and annuities

  • Foreign income

  • Partnerships and trusts

  • Prizes and rewards

  • Gifts over $10,000
  • Summaries of benefits from Centrelink or Veteran's Affairs


    Expenses, depreciation, deductions and tax rebates (which might allow you to offset your gross income). This list prepared as below only serves as a guide please get advice from registered Tax agent before you apply:

      Property investment expenses: (use "TaxPack supplement")
    1. Rental expenses (e.g. insurance, repairs and maintenance, real estate management fees council rate, mortgages interest, telephone bill and others…)

    2. Expenses associated with real-estate purchases

    3. Capital loss

    4. Capital allowances

    5. Decline in asset value (depreciation)

    6. Tax agent fees and other tax-management costs


      Share, business and any income related activities: (use "TaxPack supplement")
    1. General investment expenses (marginal loan interest payment, set-up fee, monthly account fees, business operation costs and others…)

    2. Investment losses

    3. Capital allowances

    4. Share broking expenses

    5. Decline in asset value (depreciation).

    6. Tax agent fees and other tax-management costs

    7. Superannuation (self-employed)


      Working expenses: (use "Individual income tax return")
    1. Work-related expenses such as telephone costs, petrol, cars and uniforms

    2. Self-education expenses

    3. Travel expenses

    4. Gifts and donations

    5. Medical expenses - if you expect heavy medical expenses you should lodge for the Medicare safety net as most of these expenses will be tax deductible

    6. Decline in asset value (depreciation)
    7. Tax agent fees and other tax-management costs

    8. Work and education-related books, magazine subscriptions and general publications

    9. Tax rebates such as 30 percent childcare rebate

    10. Superannuation (spouse super)

    11. Union fees

    12. Baby bonus

    13. Summary statements of private health insurance

    14. Income protection insurance statements


    Notes
  1. If you earn less than $6000 in a financial year or have had tax withheld from your wages, then you do not need to lodge a return except if you claiming Family type A and / or B benefit you might have to file your return to finalise Centerlink final payment schedule.

  2. If an expense totals more than $300 you will need written evidence, so keep all your receipts (e.g. credit card and bank statements as receipts).

  3. You must be kept any documents and records related to Tax return for up to five years after the lodgement - some may be required to keep longer (e.g. investment transaction paper where you may need it when you selling-example house, shares and others long-term investment items) so check with your registered tax agent or the tax office (ATO)
    4. .
  4. Do not claim any work-related expenses if your boss already paid for them.


    Tips
  • You can claim $300 worth of work-related expenses without receipts

  • You can claim 20 percent of medical expenses over $1500 if you keep your receipts (e.g., medical bills and pharmacy receipts)
  • If you expect large medical bills, lodge for the Medicare Safety Net (this Safety Net allows you to claim up to 90 percent of most medical bills over $1500).

  • If you work outside, you might be able to claim any costs of sun protection items (e.g. sunglasses, sunscreen and hats.
  • Maximum low-income tax offset is $750 applied if your taxable income is $30,000 or less. This amount reduces by 4% for each dollar of taxable income over $30,000.

  • Maximum Mature age worker tax offset is $500 check ATO - Mature age worker tax offset for condition and calculation.

# posted by L.Y.B. @ 7:56 PM 0 comments

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