News Directory

Recent legislation amendments introduced by the government are intended to provide deceased estates with ‘tax certainty” in the situation where a person has died while in receipt of a superannuation income stream.

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The Commonwealth Government has decided to defer the introduction of the $2,000 cap on self-education tax deductions for a year (as announced on page34 of its Economic Statement).

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On Friday, 12th April 2013, the partners and team at Walker Wayland NSW hosted an evening of canapés and cocktails in the Quayside Room at the Museum of Contemporary Art.

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The Prime Minister and the Treasurer have today formally announced that the Government will bring forward the start date of emissions trading to 1 July 2014. From that date, a floating price on carbon will apply. Under the previous arrangements, the carbon price was to be $25.40 per tonne from 1 July 2015. Under a floating price, the figure is expected to be around $6 a tonne. Government assistance to emissions-intensive trade-exposed industries will continue unchanged.

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Backdated to July 1, 2012, the legislation reducing superannuation contributions tax concessions to top earners has only recently passed Parliament.

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The Australian Taxation Office (ATO) is currently targeting expatriates returning to Australia, sometimes after an extended time living and working overseas.

The ATO approach may be to suggest an expatriate was an Australian tax resident during the period they were overseas and therefore the expatriate’s income earned from overseas employment should be reported as taxable in their Australian income tax returns.

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Walker Wayland community focus attracts Melbourne firm

Australia’s fastest-growing accounting network has further expanded in Melbourne with Advantage Advisors joining the group.

Advantage Advisors had been a member of rival network Bentleys.

Partner Martin Phelan said the firm decided to move to Walker Wayland to take advantage of the network’s powerful co-operative structure.

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NSW has announced it will temporarily defer the abolition of stamp duties that were due to be abolished from 1 July 2013.

Premier Barry O’Farrell announced on 23 April 2013 that NSW will implement the Gonski national education reforms and the taxes will be retained to help with the $1.7 billion in additional funding required.

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If you are having trouble viewing this newsletter, or it isn’t formatted correctly, please view online   Employers be aware that effective 1 July…

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Employers be Aware

The superannuation guarantee (SG) rate will gradually increase from 9% to 12% between 1 July 2013 and 1 July 2019 (refer to table below).

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