CA (Chartered Accountant)/Tax Agent/会计 - 在线解答各类Tax/Accounting问题

shuangchao

原帖由 小妞儿 于 2010-4-27 20:32 发表
Hello David,

Could you please tell me how can we calculate pension bonus scheme? What rules will apply here?

Thank you so much!!!!

pensin bonus scheme is to encourage people who have reached pension age to stay in the work foce, the amount of pension bonus the person will get (assuming he is qualified) will depend on
- the amount of basic pension the person is entitled to
- whether the person have a partner
- the length of time the person is in the pension scheme
for more details and payment rates, you can visit centrelink website

IceCreamz

Hi David,
How long will it take to produce a QS report? Thanks :)

ECM

原帖由 shuangchao 于 2010-4-28 09:13 发表


Hi, yes your understanding are correct, new kitchen appliances are depreciable items, if you don't have all the proper records to take up the appropriate cost base, i can arrange for a QS report p ...

Thanks for you reply.

What about the kitchen itself? (I mean the cupboard etc) and the shower and toilet etc? are they depreciable items?

shuangchao

原帖由 ECM 于 2010-4-28 16:15 发表



Thanks for you reply.

What about the kitchen itself? (I mean the cupboard etc) and the shower and toilet etc? are they depreciable items?

you can depreciate some of the shower equipments separate, the toilet separate, however, have you maintained the records all each of these items you purchased? or are they just part of one major renovations. this is where quantity surveyors come in, because most people donot have the knowledge to identify the residual lives of these capital items. if you have separate invoices, then simply pass them to your accountant at year end who will depreciate them accordingly.

shuangchao

原帖由 IceCreamz 于 2010-4-28 15:32 发表
Hi David,
How long will it take to produce a QS report? Thanks :)

the onsite inspections takes upto 1.5 hrs depending on the size of your property, followed by several days of preparing the report
you would generally receive the report within 3-4 days after the inspection

小妞儿

Hi David,

How can we apply co-contribution from government?
Could you explain more detail on the applying steps?

THX alot~!!

IceCreamz

Thanks for the speedy response!

shuangchao

原帖由 小妞儿 于 2010-4-29 18:36 发表
Hi David,

How can we apply co-contribution from government?
Could you explain more detail on the applying steps?

THX alot~!!

First you need to decide if you are eligible for the payments

the eligibility requirements are:

you make a personal super contribution by 30 June each year into a complying super fund or RSA and don't claim a deduction for all of it
your total income (less any business deductions is lower than the higher income threshold which is about 62k for the 2010 year
10% or more of your total income is from eligible employment, carrying on a business or a combination of both
you are less than 71 years old at the end of the year of income
you do not hold an eligible temporary resident visa at any time during the year, unless you are a New Zealand resident or holder of a prescribed visa
you lodge your income tax return for the relevant financial year.

once you have decided that you are eligible, then the best thing to do is to ring up your superfund advising them that you'll be making a eligible super contribution, they will instruct you to complete a form and make payment via either cheque, EFT or Bpay. your superfund will also report to the government in relation to your contribution, once your return is lodged, you will soon get your co contribution

shuangchao

原帖由 IceCreamz 于 2010-4-29 21 begin_of_the_skype_highlighting              2010-4-29 21      end_of_the_skype_highlighting:34 发表
Thanks for the speedy response!

not a problem

小妞儿

Thank you very much David

yswx2009

I am not a taxable resident in Australia but I have a joint-account with my wife here. It brings about $2000 interest last year. I forgot to lodge tax return. What should I do now? Thanks a lot.

绒绒妈妈

关注此贴，努力学习

shuangchao

原帖由 yswx2009 于 2010-5-1 22:15 发表
I am not a taxable resident in Australia but I have a joint-account with my wife here. It brings about $2000 interest last year. I forgot to lodge tax return. What should I do now? Thanks a lot.

have you already advised your bank that you are a non-tax resident and provided your TFN? if not, you simply need to lodge your tax return now either on paper or via tax agent (i.e myself)

shuangchao

原帖由 小妞儿 于 2010-4-30 22 begin_of_the_skype_highlighting              2010-4-30 22      end_of_the_skype_highlighting:57 发表 [im g]http://www.oursteps.com.au/bbs/images/common/back.gif[/img]
Thank you very much David

IceCreamz

Hi David,
Do you when the Henry Tax Review will be passed in legislation?  Thanks.

shuangchao

原帖由 IceCreamz 于 2010-5-3 21:07 发表
Hi David,
Do you when the Henry Tax Review will be passed in legislation?  Thanks.

no, all i know at this stage is that the government has released its initial responces on the report submitted by the tax review panel.

小妞儿

原帖由 绒绒妈妈 于 2010-5-1 23:01 发表
关注此贴，努力学习

哈哈,有前途~!!

shuangchao

原帖由 IceCreamz 于 2010-5-3 21:07 发表
Hi David,
Do you when the Henry Tax Review will be passed in legislation?  Thanks.

i am abit disappointed by some of the proposals in the review, however, it is still early days, time will tell if it will really benefit us.

shuangchao

Recommendations Rejected by the Government
The Prime Minister and Treasurer in a joint announcement indicated the recommendations which will not be implemented, included:
•        Reducing the CGT discount
•        Limiting negative gearing deductions
•        Changing the grandfathering provisions for pre-CGT assets
•        Removing the benefits of the imputation system
•        Including the family home in means testing calculations
•        Making changes to the tax system that would be disadvantageous to the not for profit sector
•        Abolition of the luxury car tax
•        Reducing indexation of the aged pension
•        Introduction of a bequests tax
•        Reducing the levels of family and youth assistance, and
•        Introducing a land tax on the family home.
The announcement also contained the confirmation that the Government 'will never increase the rate or broaden the base of the GST or remove tax free superannuation payments for the over 60s which were both ruled out of the AFTS Terms of Reference.'
To view the 138 Henry Review recommendations in summary form click here.
Changes Announced by the Government
Company and small business tax recommendations
•        The Government has proposed a company tax rate of 29% from 2013-14 and 28% from 2014-15.
•        For small business, the company tax rate will reduce in a single step to 28% and be implemented from 2012-13.
•        In addition, for small business, the Government has also proposed, under the capital allowances system:
o        An immediate write-off of assets valued at less than $5,000 (instead of the $10,000 amount as recommended). Currently, small business taxpayers are able to write-off assets under $1,000
o        Allowing small business to write-off all other assets (except buildings) in a single depreciation pool at a rate of 30%. At present, there are two asset pools, namely the long life asset pool and general business pool for Small business entity taxpayers.

Recommendations Deferred by the Government
The majority of the Henry Review recommendations have been deferred by the Government.
The joint media release issued by Prime Minister Kevin Rudd and Treasurer Wayne Swan indicated that particular reform areas considered by the Review, which do not form part of the suite of currently accepted proposals, will be considered by the Government in the upcoming months and years as part of its second term agenda.
The key areas for which reform implementation will be deferred are the personal taxation system, improving incentives to save and enhancing the governance and transparency of the tax system.

Personal taxation
The Government has indicated that the whole area of personal tax in general will be considered as part of future reform.
The key Review recommendations in the area of personal taxation for future Government consideration are:
•        Increase the tax-free threshold to $25,000 and enable a constant marginal rate for most individuals by reducing the number of marginal rate bands to two: 35% for taxable incomes of $25,001 to $180,000 and 45% for taxable incomes above $180,000.
•        Retain the individual as the primary unit of personal taxation but consider optional couple assessment for couples of late retirement age.
•        Restrict the availability of subsidies for dependants through the tax system; in particular, replace the various existing dependency tax offsets with a single tax offset in certain circumstances.
•        Tax-exempt status for all income support payments and supplementary payments, including government payments of an income support nature such as scholarships.
•        Structural tax offsets (the low income, senior Australian, pensioner tax and beneficiary tax offsets) should not be separate components of the tax system but should be incorporated into the personal tax rates scale.
•        A health levy (such as the current Medicare levy) could be applied as a proportion of net tax payable instead of the current proportion of taxable income.
•        Streamline, simplify and improve the effectiveness of concessional offsets. The offsets earmarked for review include the various dependency offsets, the zone tax offset, the mature age worker offset, the primary producers averaging tax offset and the offset for special professionals.
•        Remove the medical expenses tax offset and review the Medicare levy surcharge. Any assistance for purchasing private health insurance should be provided as a premium reduction rather than provided through the personal tax system.
•        All forms of wages and salaries should be taxable on an equivalent basis and without exemptions.
•        Fringe benefits that are readily valued and attributable to individual employees should be taxed in the hands of the employees rather than their employers. Employers will retain the FBT obligations for any other fringe benefits.
•        Simplification of the scope of taxable fringe benefits.
•        Extension of the Personal Services Income regime to all entities that earn a significant proportion of income from personal services and introduce an arms length rule to deductions in respect of payments to associates.
•        Simplify the personal tax system for many individuals by introducing optional standard work-related deductions and deductions for the cost of managing tax affairs.
•        Introduce a tighter nexus between the deductibility of an expense and the derivation of income.

IceCreamz

Hi David,
Is it true that as a single mom, one may be entitled to $22000 government benefits/annum?  I checked the centrelink website under FTB A & B, and both max payments add up to less than 10k.
Could you please advise what payments can a single parent claim?Thank you.

shuangchao

原帖由 IceCreamz 于 2010-5-5 22:37 发表
Hi David,
Is it true that as a single mom, one may be entitled to $22000 government benefits/annum?  I checked the centrelink website under FTB A & B, and both max payments add up to less than 10k.
...

well this is not exactly a tax/accounting question, but single parent can get
rental support
child support
ftb
single parent payments
its worthwhile to give the centrelink a call.

shuangchao

mj3g3g

Hi David,

I am a sole trader in 2008/09. I register the annual GST return.

If I chose the method of the cents per kilometer to claim a deduction for my car expenses (coz I do not have a log book record), is it possible for me to claim back GST in my GST return based on the this amount?

Thanks.

shuangchao

原帖由 mj3g3g 于 2010-5-9 18:17 发表
Hi David,

I am a sole trader in 2008/09. I register the annual GST return.

If I chose the method of the cents per kilometer to claim a deduction for my car expenses (coz I do not have a log boo ...

method for calculating GST is abit different from claiming tax deduction
you should claim your GST based on a reasonable business percentage (best way to substantiate is by logbook), however, in practice, if you claimed based on cents per km, the outcome should be very close to the proper method anyway, any difference would be immaterial.

shuangchao

IceCreamz

Hi,
Can you please explain what is super pension phase? Do you get income stream tax-free?  Any min or max amount?
Is the CGT 10% for assets held more than 12 months in SMSF only, or applies to general super members as well?  Thanks.

shuangchao

A small number of the previously ignored Henry Review recommendations have been included in the Budget announcements, including:
•        A 50% discount on interest earned by individuals up to $1,000 (the Henry Review had recommended 40%), and
•        The introduction of a standard deduction for work related expenses of $500 (in 2012-13) increasing to $1,000 (in 2013-14).

shuangchao

小妞儿

Hi David,

I just wanna know can I contact you at night time to discuss my situation, becoz I m buzy during the daytime, so many works to do.  Is that ok for you?

Thank you in advance.

shuangchao

原帖由 小妞儿 于 2010-5-13 16:21 发表
Hi David,

I just wanna know can I contact you at night time to discuss my situation, becoz I m buzy during the daytime, so many works to do.  Is that ok for you?

Thank you in advance.

Hi i do have extended after work hours, my boxhill office open monday - saturday, 10:00 am to 6:30 pm, for appointments outside this time (after hours & sunday), you can come to the ringwood office.
simply call in advance to book