As announced in the 2013 Budget, the Australian Government has released a Discussion Paper on its proposal to introduce a $2,000 per person cap on tax deduction claims for work-related self-education expenses from 1 July 2014.
If you have an adjusted taxable income of $37,000 or less in a year, you may be eligible to receive a boost to your super of up to $500 a year.The low income super contribution (LISC) is a government super payment of up to $500 per financial year to help low income earners save for their retirement.
From 1 July 2013 employers across Australia will have new super guarantee obligations under a range of government reforms that are being implemented from 2013 to 2019. From 1 July 2013 employers must increase the minimum rate for super guarantee payments on behalf of their employees from 9% to 9.25%.
Data matching is an expanding program used by the ATO to identify those who are not reporting all their income. The ATO has advised that for the 2011-12 financial year it has obtained data that identifies credit and debit card sales made by Australian businesses from the following banks: