News and Events

Important Information

The table below indicates the recent tax rate changes for your information. This may have an effect on decisions regarding salary sacrifice and structure of your business.

Current tax thresholds (2011) Income range ($)	Tax rate %	New tax threshold for next year (2012) Income range ($)	Tax rate %
0 –15,000 (with low income offsets)	0	0 –16,000 (with low income offsets)	0
15001 – 37,000	15	16001 – 37,000	15
37,001 – 80,000	30	37,001 – 80,000	30
80,001 – 180,000	37	80,001 – 180,000	37
180,001 +	45	180,001 +	45

FLOOD LEVY: There is also a flood levy of .5c in $ for each dollar above $50,000 and 1c in $ for each $ above $100,000. (For more information on the Flood Levy, follow this link: Flood levy ).

Net medical expenses tax offset threshold has been increased to $2000 for 2011 year.

Cents per kilometre vehicle rates have not changed for the 2011 year.

Entrepreneur’s Tax Offset: for small business will be abolished from 1/7/2012.

Car fringe benefits: are now not as lucrative from 10 May 2011 as a single rate of 20% applies no matter how far you travel privately.

TRUSTS: From 1 July 2011 distributions to minors from trusts will be reduced to a maximum of $416.

Parental leave: will be paid by your employer or Family Assistance Office and will appear on a payment summary from either of these for the year paid.

I am able to provide opportunities for your proposed investments by referral to an accredited financial advisor or a reputable mortgage broker.

Please do not hesitate to contact me on 0439 712 397 if you have any questions, or wish to make an appointment

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**This year I will be again offering $10 discounts to your fees for successful referrals**

Quick TIPS for 2011

*SALARY SACRIFICING: If you wish to salary sacrifice, you should contact your paymaster before 30/6/2011 to find out if they do it and what you can tax save on. Usually they will refer you to their outsourcing provider’s website which has a calculator of how much tax you can save.

*LOW INCOME EARNERS: employed (or self employed) you may be eligible for super co-contribution by either payroll deduction for next year or a lump sum payment to a recognised super fund by 30/6/2011 will get you the benefit this year. For clients under $31,920 employment income, the government will pay $1000 into the fund for $1000 contributed by you. Co contributions are reduced up to an assessable income of $61,920.

eligible education expenses: for a child’s primary or secondary education during the income year, you can claim an education tax refund of up to 50% of those expenses. You must have received family tax benefit (FTB) Part A for the child. This applies mainly to computer type expenses and not school fees and uniforms. However you may still be able to claim even if you are not required to lodge a tax return.

(For more information, visit: http://www.ato.gov.au/content/00211954.htm )

*Note: school uniform expenses incurred after 1st July 2011 will be claimable in 2011-2012 financial year (subject to legislation)