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How do I get a Tax file number?

If you want to lodge a tax return in Australia you will need a tax file number (TFN) to do so.   What is a tax file number? TFNs, Tax file numbers are a nine digit number issued by the Australian Taxation Office.  Your TFN is yours for life and is the same number even [...]

Tax Tips for Small Businesses in Wollongong

Small businesses take up 97 percent of all businesses in Australia.  Running your own business has many advantages however the truth is according to the Australian Bureau of Statistics, more than 60 percent of small businesses cease operating within the first three years of starting. ND Accounting supports hundreds of start-up businesses in Warrawong, Shellharbour [...]

Filing Your Individual Tax Returns in Time

Filing Your Individual Tax Returns On Time Most registered tax agents have special lodgment schedules and can lodge returns for their clients later than the usual 31 October deadline. Make sure though if you're using a tax agent for the first time, or using a different tax agent to contact them before the 31st of October. Why [...]

Budget changes effective 1 July 2018

From 1 July 2018, the government will make targeted amendments to improve the operation and administration of Division 7A of the ITAA 1936, as a result of a number of recommendations from the Board of Taxation’s Post-implementation Review into Division 7A. These changes will provide clearer rules for taxpayers and assist in easing their compliance [...]

Applying GST to low value goods imported by consumers

  From 1 July 2017, GST will be extended to low value goods imported by consumers. The intent of this measure is to ensure that low value goods imported by consumers face the same tax regime as goods sourced domestically. Overseas suppliers that have an Australian turnover of $75,000 or more will be required to [...]

Increasing the small business entity (‘SBE’) turnover threshold

  From 1 July 2016, the government will increase the SBE turn over threshold from $2 million to $10million. The current $2 million turnover threshold will be retained for access to the small business capital gains tax (‘CGT’) concessions, and access to the SBITO (i.e., the increased 8% tax discount) will be limited to entities [...]

Reducing the company tax rate over 10 years

  The government will reduce the company tax rate to 25% over 10 years (i.e., by 1 July 2026). This measure will commence from 1 July 2016, whereby the government will cut the small business company tax rate to 27.5%, and make this tax rate available to small companies with an annual aggregated turnover of [...]

Budget’s Personal Income Tax Relief

  From1 July 2016, the government will increase the 32.5% personal income tax threshold from $80,000 to $87,000. This measure will reduce the marginal rate of tax on incomes between $80,000 and $87,000 from 37% to 32.5%, preventing around 500,000 taxpayers facing the 37% marginal tax rate.

2016/17 Budget Superannuation reform changes

1. Effective Budget Night –7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions. The government will introduce a $500,000 lifetime non-concessional contributions cap. The lifetime cap will take into account all non-concessional contributions made on or after 1 July 2007 (i.e., from the 2008 income year) and will be indexed in [...]

December 2015 Quarterly Activity Statement (2nd quarter)

  December 2015 Quarterly Activity Statement (2nd quarter), for those whom report GST quarterly, is due for lodgement and payment. It’s BAS TIME - Due 29th February This quarterly BAS if for the period 1 October to 31 December 2015. The quarterly BAS includes, GST, should you have employee’s their Pay As you Go Withhold [...]