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  • is earned by the entity and again when income is distributed to members Corporate tax entities are taxed at the company tax rate currently 30 The imputation system works by franking a distribution The franking account is a record of franking credits and debits that arise in an income year All corporate tax entities are required to maintain a franking account Typically a franking credit would arise in the franking

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2818 (2014-01-05)
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  • 18 200 0 18 201 37 000 19c for each 1 over 18 200 37 001 80 000 3 572 plus 32 5c for each 1 over 37 000 80 001 180 000 17 547 plus 37c for each 1 over 80 000 180 001 and over 54 547 plus 45c for each 1 over 180 000 Nonresident Tax Rates 2013 14 Taxable income Tax on this income 0 80 000 32 5c for each 1 80 001 180 000 26 000 plus 37c for each 1 over 80 000 180 001 and over 63 000 plus 45c for each 1 over 180 000 MORE See the ATO website for more information on Individual Income Tax Rates COMPANY A company is a distinct legal entity with its own income tax liability so a Company Tax Return must be completed for each company A company s income tax is calculated as a percentage of the taxable income the company earned during the financial year The company tax rate is 30 PARTNERSHIP A partnership running a business must complete a Partnership Tax Return to show all income earned and deductions claimed for expenses during the course of the business and how the

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2819 (2014-01-05)
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  • of private hospital cover may have to pay the Medicare levy surcharge The Medicare Levy is usually calculated at 1 5 of your taxable income however this rate can vary depending on individual circumstance You may be exempt from the levy or it may be reduced if you have a low income or are a prescribed person Please note that from 1 July 2014 the government will increase the Medicare

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2820 (2014-01-05)
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  • 2011 As of 1 July 2011 funds can be advanced to employers so that they can provide Parental Leave pay to their eligible long term employees Eligible employees who have newborn or newly adopted children may get 18 weeks of funded pay at the National Minimum Wage Full time part time casual seasonal contract and self employed workers may also be eligible To prepare your business for the Paid Parental

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=3419 (2014-01-05)
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  • income tax return is assessed Your PAYG instalments for the year are credited against your assessment to determine whether you owe more tax or are owed a refund The ATO will contact entities and individuals who are required to pay PAYG instalments notifying them of their instalment rate This is calculated according to information in the last assessed income tax return PAYG instalments are generally paid quarterly however some taxpayers pay two instalments a year and some have an annual instalment option The annual instalment is a single lump sum payment of your PAYG liability for the year For more information see the PAYG Annual Instalment Fact Sheet If you are not eligible to pay an annual instalment you can pay PAYG instalments quarterly Each quarter the ATO will send you an activity statement The due date for lodging this and paying any amounts due will be printed on the statement This is also the case if you choose the 2 instalment option which applies to some primary and special professionals eg sports professionals and authors Some entities and individuals pay an instalment amount calculated by the ATO but most companies work out their own instalment amount based on their

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2821 (2014-01-05)
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  • or another document From payments you make to your company directors for their service to you If you run your business as a company If you have employees If you pay employees from another business If you are an employer or run a business and withhold amounts from payments you need to Register for PAYG withholding Determine the status of your workers if applicable Familiarise yourself with the types of

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2822 (2014-01-05)
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  • and Calculators The ATO has a variety of rates tables tax calculators and other tools on the following topics Capital Gains Tax Excise Fringe Benefits Tax Fuel Tax Credits GST Income Tax PAYG Withholding Superannuation MORE To access these tools

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2823 (2014-01-05)
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  • If you have owned an asset to conduct your business you will only pay tax on 50 of the capital gain when you sell the asset CGT retirement exemption There is CGT exemption on the sale of a business asset up to a lifetime limit of 500 000 If you are under 55 money from the sale of the asset must be paid into a complying superannuation fund or retirement savings account CGT rollover If you sell a small business asset and buy a replacement you can roll over your CGT liability to the value of the replacement asset This means you won t pay any CGT owing until you sell the replacement asset Simpler depreciation rules You can usually pool your assets to make depreciation calculations easier You can also claim an immediate deduction for most assets that cost less than 6 500 Simpler trading stock rules If the value of your trading stock has not increased or decreased by more than 5 000 over the year you can choose whether or not to do an end of year stock take Immediate deduction for certain prepaid business expenses You can claim an immediate deduction for prepaid business expenses if the payment covers a period of 12 months or less and ends in the following income year Entrepreneur s tax offset ETO If your business has less than 75 000 turnover the entrepreneur s tax offset might reduce the tax you owe by up to 25 This has been abolished for the 2012 13 and subsequent income years Accounting for GST on a cash basis You don t need to account for GST on a sale you make until you receive payment for the sale Annual apportionment of GST input tax credits If you purchase items you use partly for

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=3328 (2014-01-05)
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