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Submissions for 2013 tax reforms

The Tax Institute has put forward a number of suggestions to the Federal Government in its 2013 budget submission paper. Among the suggestions are reforms in state tax, calls for a new small business entity and tax deductions for childcare.

One of the key proposals is to make childcare costs fully tax deductible, as opposed to the current 30% rebate. The proposed scheme would encourage mothers to return to the workplace.

The Tax Institute also put forward an idea for a new class of small businesses, which would take the best structures of all small businesses, such as a company, or trust, and create a new classification known as a ‘small business entity’.

There were also suggestions to address “the low level and inflexibility of contributions caps” in regards to Superannuation, especially as media reports continue to suggest the Government will be targeting super funds for revenue.

Posted on 22 February '13 by , under General News.

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What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

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