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Have you sent us your 2013 income tax information?

Have you sent us your 2013 income tax information?

Copies of the Steven J Miller & Co 2013 Tax Workbook and Questionnaire have been distributed to assist you in collating the information necessary for us to prepare and lodge your 2013 Income Tax Return. Avoid the rush and get your information into our office as soon as possible. The ATO is focusing its attention on lodgement deadlines and penalties…read more →

30 June 2013 is looming…

30 June 2013 is looming…

The countdown to the end of the financial year is on and that means that you should start to focus on your end of financial year position and any tax planning that is appropriate for you. Don’t leave it until the last minute. The following is the starting point for your end of financial year decision making. Please read the…read more →

Important Changes from 1 July 2013

Important Changes from 1 July 2013

All employees should note that the compulsory superannuation contribution rate will rise by 0.25% to 9.25% from 1 July 2013. The Superannuation Industry Supervision (SIS) Regulations have been amended to require trustees of SMSFs to value assets of the fund at their “market value” when preparing accounts and statements from the 2012-2013 financial year. From 1 July 2013 the concessional…read more →

Key announcements 2013/2014 Federal Budget

Key announcements 2013/2014 Federal Budget

An increase in the Medicare levy from 1 July 2014, from 1.5% of taxable income to 2%; Capping of tax deductions for self- education expenses at $2,000; Abolishing of the $5,000 Baby Bonus (now absorbed in family tax benefits); Changes to Business Tax concessions and a clampdown on tax minimization by multi-nationals; Medical expenses tax offset abolished; All large entities…read more →

Steven J Miller & Co Pty Ltd has relocated

Steven J Miller & Co Pty Ltd has relocated

The team at Steven J Miller & Co Pty Ltd has moved to exciting new premises in Erskineville. We can’t wait for you to visit us in our beautiful new space at: Suite 101, 18-20 Victoria Street Erskineville NSW 2043 PO Box 477 Erskineville NSW 2043 T: (02) 9560 3777 E: service@stevenjmiller.com.au Our telephone numbers and email address details remain…read more →

Do you lodge your tax returns on time?

Do you lodge your tax returns on time?

Do you want to reduce your likelihood of being in the Australian Taxation Office’s (ATO) spotlight? One way to achieve this is by getting your tax returns in on time. For self managed superannuation funds (SMSF) in particular, tax returns are a big issue.  If a fund fails to lodge a tax return on time it breaches section 35D of…read more →

What changed on 1 July?

What changed on 1 July?

For business Small businesses now have access to:   An immediate deduction for depreciating assets costing less than $6,500 (GST exclusive) An immediate deduction on the first $5,000 for new motor vehicles used for business purposes All other assets depreciated at 15% in the year of purchase and 30% in future years. Companies are now able to ‘carry back’ up…read more →

Private Health Insurance

Private Health Insurance

From 1 July 2012, the private health insurance rebate will be subject to an income test affecting singles earning above $84,000 and families above $168,000. A tiered approach has been introduced for incomes above these amounts with reductions for those earning up to $130,000 for singles and $260,000 for couples. People with incomes above this amount receive no rebate at…read more →

Changes to the Net Medical Expenses Rebate

Changes to the Net Medical Expenses Rebate

From 1 July 2012, the net medical expenses rebate that allows you to claim a 20% tax offset for out of pocket medical expenses above $2,060 will be means tested. For those with incomes above $84,000 (for singles) and $168,000 (for couples), the offset will only be available for out of pocket medical expenses in excess of $5,000 and will…read more →