We’re nearly there, the financial year ends on 30 June and it’s accountant’s New Year. It’s also the trigger for many of us to start pulling together our financial records and get ready to lodge our annual income tax return. While getting the annual tax return lodged can be a bit of a chore for most of us, I quite like it, and that’s not because I’m an accountant! I... »
Last week saw that high point we all get excited about in Australian Federal politics, (yawn………yeah, we know The Biggest Loser had the same time slot, but that’s the kind of sacrifice we make for you here at iGenWealth). Those of us who tuned in were treated to the sheer spectacle of the Federal budget announcement by our beloved prime minister and her band of merry…... »
March is a unique month for accountants because it’s the end of the FBT year. FBT? Is that the equivalent of friends with benefits, a one night stand with your best friend’s sibling or someone from the office? I hear you ask. Not quite. Unfortunately, FBT (or fringe benefits tax) is a tax that employers must generally pay on benefits (other than taxable salary and wages) that form part of your o... »
Well it’s that time of the year again; time to start thinking about submitting your year-end tax return. Time to collect your payment summary from your employer and scrape together those all-important receipts for tax deductible expenses – out of your wallet, handbag, the glove box in your car and out from among the dust bunnies under your bed. That’s right everybody, it’s ... »
The flood levy only applies to people who have a taxable income over $50,000. The good thing about the flood levy is that it ONLY applies from 1 July 2011 to 30 June 2012, providing that Mother Nature is kind and that we don’t see any more disasters in the next 6 to 12 months. The Flood Levy The flood levy tax for individuals is as follows1: Taxable Income ... »
