7 June 2012
High income earners can avoid the new income-test on the private health insurance rebate for another year by paying premiums in advance for the 2012/13 year, before the new rules take effect from 1 July 2012.
24 May 2012
The 2011 Australian Cotton Comparative Analysis (ACCA) reveals that 2011 was a record year in terms of planting, bale production and price.
The average price of $526 per bale was the highest since 2004; yield continued to climb and the net profit per hectare was the highest recorded in the history of this analysis.
23 May 2012
Employers may be eligible to receive a $4,000 payroll tax rebate under the NSW Government’s Jobs Action Plan. The scheme aims to support 100,000 new jobs in NSW with 40% of these jobs earmarked for regional areas. New State Premier, Barry O'Farrell, has indicated his Government's continued commitment to this program.
Employers in both regional and metropolitan areas may be eligible for the rebate for each additional full-time employee who commences employment between 1 July 2011 and 30 June 2013, with pro-rata provisions for part-time employees. The rebate applies to the first 100,000 jobs
created on or after 1 July 2011.
23 May 2012
The Gillard Government’s ‘Fairer Private Health Insurance Incentives Bill 2012’ has passed through Parliament and will come into effect from 1 July 2012. The passage of the legislation means that the Government rebate on private health insurance will become income-tested.
Currently a 30% rebate applies for singles, couples or families where the oldest person on the policy is aged up to 65 years. The rebate increases to 35% if the oldest person on the policy is aged 65 to 70 years, rising to 40% if 70 years or older.
Under the new legislation, nothing will change for singles earning less than $84,001 per annum, or for couples or families earning less than $168,001 per annum in 2012-13.
20 April 2012
With effect from 1 July 2012, businesses in the building and construction industry will be required to annually report to the Australian Taxation Office (ATO) payments made to contractors.
The new reporting requirements, announced as part of the 2011-12 Federal Budget, aim to
improve compliance with tax obligations by contractors in the building and construction industry.
The regulations will apply to a wide range of building and construction services including site preparation, building demolition and alterations, project management and architectural services, communications, landscape and drainage construction, electrical, plumbing, bricklaying, glazing services etc.