Welcome to our newsletter page where you can obtain the latest updates and tax news from Elite Accounting Solutions.
ATO TAX APP - TRACK YOUR RETURN IN REAL TIME!
Elite Accounting Solutions 19/08/2014
If you’re an individual or small business owner, you can track, work out, calculate, and find relevant tax information and tools using the ATO Tax app.
• track the progress of your individual income tax return after you have lodged
• search for lost super
• discover new ways to lodge your 2014 individual income tax return online
• work out if your worker is eligible for super guarantee (SG) and calculate SG contributions
• calculate fuel tax credit entitlements you can claim on your business activity statement
• work out if your worker is an employee or contractor for tax and super purposes
• calculate the amount of tax to withhold from salary and wage payments
• see how quickly you can pay off a tax debt with a payment plan
• view income tax rates for the current financial year.
Also, get answers to common questions, find out what’s new or what’s changed, and give us your feedback to help improve the app.
To get the app click here or search 'Australian Taxation Office' in your Apple App Store on your iPhone or iPad.
Some important tax changes from 1st July 2014
Elite Accounting Solutions 18/08/2014
The Medicare levy rises from 1.5% to 2%.
2% Defcit Levy
The new "Defcit Levy" (tax on high income earners) applies to taxable income in excess of $180,000.
Tax rates for the 2014/15 income year are as follows:
The above rates do not include the Medicare levy of 2%.
The compulsory employer paid super contributon rises from 9.25% to 9.5%.
Superannuaton contributon caps
The general concessional contributons cap rises from $25,000 to $30,000. For individuals aged 49 or over on 30 June 2014, the concessional contributons cap is $35,000.
The non-concessional cap is increased from $150,000 to $180,000. That means the 3-year bring forward rule increases from $450,000 to $540,000.
LATEST UPDATES ON FACEBOOK PAGE
Elite Accounting Solutions 09/05/2015
We have relocated all newsletters and tax updates to our facebook page ( the link is here). It discusses Australian Small Business Tax Issues. Tax doesn't have to be dull and boring. It will aim to provide you with tips, news, ramblings and tax updates in an informal and not overly technical manner.