10 highlights from the 2012 Federal Budget

1. No Company Tax Cut as previously promised
2. Family Tax benefit A increases payments to families and individuals on welfare
3. No standard deduction on company tax for small businesses
4. New Schoolkids bonus scheme for education expenses
5. Super high contributor’s tax for over 50’s earning greater than $300,000 per year
6. Funding for GST additional compliance extended
7. Deferral of contributions cap increase for over 50’s with low super
8. No 50% discount on interest income
9. Company loss carry-back scheme to receive refund on tax paid in prior year
10. New Income support supplement for workers with children

10 highlights from the 2012 Federal Budget

1. No Company Tax Cut as previously promised
2. Family Tax benefit A increases payments to families and individuals on welfare
3. No standard deduction on company tax for small businesses
4. New Schoolkids bonus scheme for education expenses
5. Super high contributor’s tax for over 50’s earning greater than $300,000 per year
6. Funding for GST additional compliance extended
7. Deferral of contributions cap increase for over 50’s with low super
8. No 50% discount on interest income
9. Company loss carry-back scheme to receive refund on tax paid in prior year
10. New Income support supplement for workers with children

SuperStream deadline looms

With the deadline for SuperStream projects looming, the ATO is urging superannuation funds to act now to ensure compliance before the June 2013 cut-off date.

SuperStream is a set of standards implemented by the government which intend to improve the process of everyday superannuation transactions.

Funds are urged to start bringing reform plans forward to ensure compliance with the June 2013 deadline.

The new measures would improve fund processes, including fund-to-fund rollovers which will be required in an electronic format.

SuperStream deadline looms

With the deadline for SuperStream projects looming, the ATO is urging superannuation funds to act now to ensure compliance before the June 2013 cut-off date.

SuperStream is a set of standards implemented by the government which intend to improve the process of everyday superannuation transactions.

Funds are urged to start bringing reform plans forward to ensure compliance with the June 2013 deadline.

The new measures would improve fund processes, including fund-to-fund rollovers which will be required in an electronic format.

Theft tops economic crime list

Theft has risen to the top of the list as the number one economic crime impacting Australian businesses, a recent survey has revealed.

The theft of assets and funds was the largest economic crime committed against organisations, with cybercrime following closely behind.

In the last 12 months almost half of Australian businesses were the victim of at least one incident of economic crime.

Economic crime included asset misappropriation, employee expense fraud and fraudulent invoicing.

According to the Global Economic Crime Survey, conducted by PwC, cybercrime was emerging as the biggest growing threat to businesses with its low costs, high rewards and anonymity broadly appealing.

Theft tops economic crime list

Theft has risen to the top of the list as the number one economic crime impacting Australian businesses, a recent survey has revealed.

The theft of assets and funds was the largest economic crime committed against organisations, with cybercrime following closely behind.

In the last 12 months almost half of Australian businesses were the victim of at least one incident of economic crime.

Economic crime included asset misappropriation, employee expense fraud and fraudulent invoicing.

According to the Global Economic Crime Survey, conducted by PwC, cybercrime was emerging as the biggest growing threat to businesses with its low costs, high rewards and anonymity broadly appealing.

SuperStream deadline looms

With the deadline for SuperStream projects looming, the ATO is urging superannuation funds to act now to ensure compliance before the June 2013 cut-off date.

SuperStream is a set of standards implemented by the government which intend to improve the process of everyday superannuation transactions.

Funds are urged to start bringing reform plans forward to ensure compliance with the June 2013 deadline.

The new measures would improve fund processes, including fund-to-fund rollovers which will be required in an electronic format.

Theft tops economic crime list

Theft has risen to the top of the list as the number one economic crime impacting Australian businesses, a recent survey has revealed.

The theft of assets and funds was the largest economic crime committed against organisations, with cybercrime following closely behind.

In the last 12 months almost half of Australian businesses were the victim of at least one incident of economic crime.

Economic crime included asset misappropriation, employee expense fraud and fraudulent invoicing.

According to the Global Economic Crime Survey, conducted by PwC, cybercrime was emerging as the biggest growing threat to businesses with its low costs, high rewards and anonymity broadly appealing.

Personal income tax changes to make life easier

Changes to the personal income tax system will make it more simple and transparent to use.

From July 1, the Government will serve tax cuts to low and middle-income individuals by increasing the tax-free threshold and modifying the initial two marginal tax rates over two phases.

The tax-free threshold will increase from $6000 to $18,200, with the maximum value of the low-income tax offset reduced from $1500 to $445.

The first marginal tax rate will be increased from 15  to 19 per cent and apply only to that part of taxable income which exceeds $18,200, but does not exceed $37,000.

The second marginal tax rate will increase from 30 to 32.5 per cent and apply to that part of taxable income which exceeds $37,000, but does not exceed $80,000.

Phase two of tax cuts will come into effect July 1, 2015.

ATO to hold more power over tax refunds

New legislation drafted by the Government would allow the Australian Taxation Office to hold refunds which are pending verification checks.

The proposed law, which was released last month, would be introduced to avoid fraudulent refunds and provide the Commissioner of Taxation with legislative discretion to delay refunds to taxpayers until claim verifications are processed.

Under the drafted legislation, the ATO would withhold refunds, from both individuals and businesses, for at least 60 days for authentication.