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ATO Correspondence for clients with a MyGov Account

ATO Correspondence for clients with a MyGov Account

20 September 2017

Recently, we have had some enquiries from our clients stating they have not yet received their Notice of Assessments, Statement of Accounts, Activity statements and Instalment notices from our office either by email or post.

This will be the case if you have registered for a MyGov account and have the Australian Taxation Office (ATO) linked to your account in the services area.

If you have registered for a MyGov account there are a number of services that can be linked including Medicare, Centrelink, Child Support, National Disability Insurance Scheme, Australian JobSearch, My Aged Care, Department of Veterans’ Affairs and the Australian Taxation Office. 

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2017-18 Federal Budget | A plan to boost the economy and help Australian households

2017-18 Federal Budget | A plan to boost the economy and help Australian households

12 May 2017

On Tuesday the 9th of May the Federal Treasurer, the Hon. Scott Morrison MP, delivered the Coaliation Government's national budget for the 2017-18 Financial year. Overall the stated focus of this budget is on "boosting the economy and helping households, to ensure all Australians can benefit from the nation's growth story". It is a fairly uneventful budget overall in terms of significant taxation reform, but some of the legislation changes outlined below may affect you and it is important to seek advice from your accountant regarding the potential impact.

There is a forecast deficit for the 2017-18 year of $29.4 billion. The overal impact of policy decisions in this Budget has improved the bottom line by $11.4 billion over the 4 year estimates and the budget remains projected to return to balance by 2020-21. Following is a summary of the main features of the budget, some of the wording in the budget announcement papers was quite vague in some areas, and expect more detailed information to come to light once they become closer to being legislated.

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Penalty rates reduced by Fair Work Commission

Penalty rates reduced by Fair Work Commission

23 February 2017

This morning, the Fair Work Commission announced Sunday penalty rates paid in retail, hospitality, fast food, and pharmacy industries will be reduced from 1 July 2017.

Conversations began on the topic to bring the Sunday rate in line with the lower Saturday rate back in 2015 and this reform was just one of several workplace relations recommendations made by the Productivity Commission to the Fair Work Commission.

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NSW land tax thresholds for 2017

NSW land tax thresholds for 2017

21 February 2017

Land tax is a tax levied on the owners of land in New South Wales as at midnight on the 31 December of each year. Land tax applies to land regardless of whether income is earned from the land.

If you own any property in NSW that is not your principal place of residence as at midnight 31 December 2016, including a holiday house or unit, you may be liable to pay land tax. 

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Tax in Agriculture

Tax in Agriculture

16 December 2016

Boyce Chartered Accountants are delighted to announce that the long awaited Tax in Agriculture research report has been released by Rural Industries Research and Development Corporation (RIRDC).  Jonathan Forrest (Director of Boyce Cooma) lead the Boyce team working on the project together with Su McCluskey to complete the report that was commissioned by RIRDC on behalf of the agricultural sector.

The research report analyses how the Australian taxation system impacts the profitability and sustainability of farmers.  In doing so, it provides a resource for agricultural groups and governments to inform their discussions on taxation policy as it relates to the sector.

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