August 2014 Tax Talk – Business Accountants Cairns

By 1 August, 2014News
Read The August 2014 Tax Talk In Full Here

In this issue of Tax Talk, we cover:

Important Tax Changes have been enacted, specifically to the Medicare Levy, a new Deficit Levy, SGC, and Superannuation contribution caps.

PAYG Threshold Installments Increase will be put in effect from the 1st of July. Exit and entry thresholds will change, resulting in some taxpayers no longer needing to pay installments.

ATO Data Mining has been announced, with a focus on identifying individuals who have undisclosed assets and income overseas, outside the knowledge of the ATO.

Scammers Are Threatening Taxpayers in a new wave of scams propagating through Australia. Fraudsters attempt to intimidate their victims into paying a fake debt over the phone.

Small Businesses Can Now Dispute Resolutions with an online service. This is a simple tool that allows Cairns businesses to find the most appropriate dispute resolution services for their budget.