Tax Matters Edition 11
This Edition of the Tax Matters newsletter covers the following issues. Click on the link to read more detail.
Budget 2014 - Retirement and Super Planning- The Government has proposed some relatively conservative changes to Australia's superannuation and retirement system in this year's Federal Budget.
What Budget 2014 means for Individuals- Whilst there has not been a change to personal income tax rate in the Budget, there has been some significant re-direction of spending to help build a stronger economy.
Indirect taxes update -The Government has announced in the Budget that, from 1 August 2014, they will be re-introducing the twice yearly indexation of the fuel tax excise.
Focus on wealthy Australians- The ATO has received additional Government funding to continue their focus on improving the voluntary compliance of wealthy Australians until 30 June 2017.
What Budget 2014 means for Business- The 2014 Budget has brought about a number of changes affecting small businesses.
A contractor is not always a contractor- The ATO is increasing its audit focus on businesses that use contractors.
Tips to speed up BAS refunds - There are many problems that occur when processing activity statements and tax returns that can lead to a delay in the ATO issuing refunds.
Tax changes in the pipeline - Australian taxpayers understand tax reform means changes to the tax system to simplify and improve its operation. Most of these changes usually take place as part of the yearly Budget.
Reducing the risk of refund fraud - Refund fraud occurs when people deliberately falsify tax returns, activity statements and other documents to claim refund, rebates or offsets from the ATO that they are not entitled to.
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