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Posts Tagged ‘tax’

Mining magnate Clive Palmer says his iron ore company has put a West Australian project on hold because of the federal government’s resources super profits tax.

Mr Palmer continued his attack on the government today, saying he is prepared to put everything he has got into fighting the new tax.

He said the board of directors of his company Mineralogy decided to put the brakes on one of his planned Balmoral South iron ore projects in the Pilbara region on Tuesday due to growing uncertainty over the tax.

Source  :  www.watoday.com.au

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MUM and dad investors will receive generous concessions to park their savings with banks and building societies as part of sweeping tax reforms.

The Rudd Government is preparing to unveil a new savings scheme offering tax breaks similar to superannuation’s discount rate of 15 per cent, The Daily Telegraph reports.

It will encourage investors to deposit savings with the four major banks and other respected financial institutions.

But investors will have to “lock up” their savings — perhaps for between five and 10 years — to qualify for the special rate.

The new savings deal will be announced as part of the Government’s much-anticipated response to the Henry tax review.

It will be part of a suite of measures aimed at building a new savings culture in Australia.

But it is also hoped it will generate billions of dollars in bank deposits, cutting the need for finance houses to borrow from overseas.

The Government expects it will be popular with voters who currently face punishing tax rates on savings. Some taxpayers can pay up to 50 per cent on interest earned from their bank deposits.

Australia is one of the few countries in the world to tax bank savings at the full rate.

Among key reforms, taxpayers will be able to lodge their annual tax returns with a few clicks of a mouse.

And Australia’s antiquated tax system — containing 125 different taxes — will be streamlined to simplify arrangements.

It is understood the Reserve Bank and other financial authorities have raised concerns about the steady decline in deposits.

Bank CEOs have been lobbying Canberra for changes to taxation on ordinary bank deposits, claiming the superannuation industry gets a huge advantage.

And they have a strong ally in Treasury boss Dr Ken Henry, who has also raised concerns over the punitive rates faced by those who save with banks.

Source  :  www.news.com.au

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When thinking about working as a nurse in Australia there are a few things to consider. Below is some advice about nursing jobs, and other useful tips for working in the nursing industry in Australia. 

THE BACKBONE of many major city hospitals in Australia is provided by overseas nurses.  The growing pressures of an ageing population means that non-residents are in high demand.

Those aged 18-30 will not only find it relatively easy to get work, but discover they are highly valued by agencies and hospitals alike.

However, before you take the plunge, there is much to consider – you will need the right sort of visa and there are strict rules about what you can do and how long you can work for.

Nursing Types

THERE are several types of nurse that can enrol in Australia: registered nurses, enrolled nurses, assistants in nursing, wardsmen, orderlies, registered midwives and disabilities support workers.

All specialities within these areas are currently being hired, but there is a particularly high demand for intensive care and theatre nurses at the moment.

All jobs require experience – the minimum is six months full-time for registered staff – but it is generally more than 12 months for agency workers. New graduates can apply directly to hospitals for work.

Registered nurses can earn in excess of $24-$34 per hour depending on experience and can also work under a 457 business visa.

Many agencies and hospitals offer sponsorship, but not all, so check their websites first.

For further information, interested candidates should check out www.immi.gov.au

Regulations

NURSES are required to register with the regulatory authority in the state or territory in which they intend to practice. All original documents are required for this registration, such as a transcript of training, character reference, diploma or degree certificate and registration fee.

All healthcare workers must have a national criminal record clearance and a working with children background check before they can start work. This is obtained on their behalf by the hospital or agency they work for.

NSW Health requires all workers including agency staff to provide written evidence of occupational assessment, vaccination and screening for specified diseases, before they can commence work in any public hospital. 

Working Holiday Makers

For a working holiday visa your start point is Form 1150, the application to participate in the Working Holiday Maker (WHM) programme.

The working holiday visa is available for one year, is electronic and visa holders can work for any one employer for six months or study for four months.

General Skills Migration

Nurses who wish to migrate to Australia under the General Skills Migration category need to have their qualification assessed before applying to the Department of Immigration and Citizenship (DIAC).

This assessment is undertaken by the Australian Nursing Council Incorporated (ANCI).
Overseas nurses can work in Australia without achieivng Australian registration as assistants in nursing.
Once workers leave Australia for good they can claim back their superannuation and tax.

USEFUL LINKS FOR WORKING AS A NURSE IN AUSTRALIA

www.ntmedic.com.au

www.247nursing.com.au

www.healthcareaustralia.com.au

www.in2nursing.com.au 

Source  :  www.bbmlive.com

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Businesses can claim an additional tax deduction when they buy certain assets, and when they spend money to improve existing assets, for a limited time. It’s called the Small Business and General Business Tax Break – ‘business tax break’ for short.

The Australian Government announced the tax break as an ‘investment allowance’ in December 2008 aimed at helping businesses meet the challenges of the economic downturn.

The government later extended this tax break in the May Budget to allow small businesses to claim a 50% tax deduction on eligible assets bought by 31 December 2009.

Source  :   www.ato.gov.au

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The Australian tax year ended on 30th June, 2009.

With its knowledge of migrant tax matters and the impact of visa status on how income and capital gains are taxed Go Matilda Accounting and Tax is here to help. It is particularly important for temporary visaholders (eg subclass 457, 410, provisional business skills subclasses 160 to 165) who are residing in Australia to be aware that income and capital gains arising from outside Australia are not subject to Australian tax – only Australian source income is taxable.

This is to be contrasted with the generality of Australian taxpayers (Australian citizens and permanent residents) who are resident in Australia, for whom worldwide income and capital gains are assessable in Australia. Go Matilda Accounting and Tax is managed by Alan Collett and Jane Cooper, both of whom are tax qualified in the UK and Australia.

They will be pleased to discuss your situation, how we might help – and to confirm our fees if we are instructed to assist.

Contact Alan Collett on Geelong number 03 5222 6288, or Jane Cooper on Perth number 08 9261 7762.

Source  :  www.gomatilda.com

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  • Last-minute tips to save on tax
  • What to claim, how to file
  • Plenty of help on ATO website

HAPPY New Year! Well, almost. With only 24 hours left until the end of financial year, what should you be doing today to ensure that you don’t end up with a big tax hangover tomorrow?

“Don’t forget to pay your expenses,” says Tracey Nicholson, the Assistant Commissioner of Taxation.

“Ensuring that expenses are paid and claimed in the correct tax year can save a lot of headaches in having tax returns amended down the track.”

Ms Nicholson suggests that some top-priority things for taxpayers to do prior to lodging their return include:

• Go surfing! The ATO website, that is.

“There is a wealth of information on the ATO website, both general as well as information that’s specific to various professions,” says Ms Nicholson. “It’s a great place to start your research on what you may be able to claim as a deduction.”

• Spring clean the house to find your receipts.

“At the end of the day you need to keep your receipts to substantiate your claims,” says Ms Nicholson.

• Lodge online.

If you are DIYing your tax, Ms Nicholson recommends the online e-tax process as a great way to complete your return.

“It’s free, and has a great step-by-step process that will help remind you of anything that you have forgotten,” she says.

It can be worth getting professional advice as well though. Bill Keays, founding director of WA-based Hales Keays Chartered Accountants says that in his experience there are a number of tax-related benefits that people sometimes overlook.

“Motor vehicle expenses are often overlooked,” he says.

“You can claim up to 5000 kilometres of work-related use based on a reasonable estimate of business kilometers, without needing to keep a log book. But some people think that if they haven’t kept a log book, they can’t claim.”

Another forgotten area, according to Mr Keays, is depreciation on a rental property.

“Sometimes clients are not aware of how much depreciation they can claim,” he says.

“For taxpayers who have a relatively modern rental property, engage a quantity surveyor to prepare a depreciation report. They will typically save you many times more than their fee due to the deductions they identify.”

But lest you get carried away with all the potential deductions out there, remember that you do need the paperwork to back it up.

“We conduct plenty of audits,”says Ms Nicholson.

“We’re going to have a special focus on truck drivers, sales and marketing managers, sales reps and electricians this year – but any taxpayer has the chance of being audited.”

And while it may be too late for this financial year, consider getting some professional advice for next year’s tax return because sometimes you don’t know what you don’t know.

“There’s usually always some way in which we can save clients extra money, either by identifying deductions or simply getting their tax structures right to start with,” says Mr Keays.

“The Small Business CGT concessions are a great example.

“One of my clients was expecting to pay capital gains tax of approximately $240,000 when he disposed of his business and he ended up paying nothing by applying these concessions.”

Your tax time checklist                                                                                                                                                                                           

To help you get the best tax return possible, here’s a few things to tick off your “to do” list today:

1. Are you eligible for the Superannuation Co-contribution? If so, it’s up to $1,500 of free money.

2. If you use your car for work, don’t forget to estimate your motor vehicle expenses.

3. A 20% tax offset is available for out of pocket medical expenses over $1500.

4. Donations of over $2 made to a deductible gift recipient are tax deductible.

5. The cost of having your tax return prepared is also an allowable deduction.

6. Income Protection insurance premiums can also be a tax deduction.

7. Small business owners who are selling business assets can take advantage of extremely generous “small business CGT concessions.”

8. You can claim up to $300 of work related expenses without the need to have written receipts. However once your claim exceeds $300 you must have receipts for the full amount.

9. Don’t forget all those miscellaneous work expenses such as union fees, seminars, trade journals, software and home office expenses. Even an appointment diary can be deductible.

10. Check the deductions fact sheet for your specific occupation to ensure that you are claiming everything that you are entitled to.

Source  :   www.news.com.au

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The end of financial year can be a stressful time for small business owners, and that time is now upon us once again.  For those of you who are behind and not ‘in shape’ for the end of end of financial year financial year… don’t panic, right now there is still a very small window of time for you to get prepared for the end of financial year, but that time is ticking by.

How can you get in shape?

Before 30 June make it a priority to ensure all your bookkeeping and reconciliation is up-to-date, follow up payment of overdue invoices, pay outstanding bills and pay all super contributions (this should not only be for your employees, but for yourselves too). 

With all your reconciliation up-to-date, such as your receivables, payables, bank accounts and inventory, once 30 June is here you will only have one month to reconcile and you can then move on to completing your BAS.  Getting on top of this will ease some of the stress you may feel when preparing your end of financial year documentation.

For small business owners with employees, remember that you will also need to reconcile your payroll and send out payment summaries to your employees (before 14 July 2009).

Following the completion of all your reconciliation and BAS, it’s time to run your end of financial year reports.  Having all your records and reports prepared prior to visiting your accountant will really save you time and money. 

If you’re having difficulties with these tasks, speak to your accountant or bookkeeper, or alternatively a range of online resources, and even accounting software providers, have information on completing these activities.

If you’re having difficulties with these tasks, Don’t forget to backup all your data.  You will also need to keep copies of your accounting records for at least five years (an ATO requirement).

It is also important now to prepare for the 09/10 financial year, as no doubt you want everything to be ‘AOK with the ATO’.

A number of new Federal Government compliance changes will apply from 1 July 2009 and these will affect small businesses.  Information about the new compliance requirements is available from the ATO, or your accountant will also be able to update you on the changes.

If you use accounting/payroll software, you will need software updates that address the compliance changes.  Ensure you’re scheduled to receive the compliance update from your provider, so that you’re compliant for 09/10.

This time of year is also good to consider what improvements you could make to your work practices to stay in shape and make the 09/10 end of financial year less stressful.  For example, implement work practices that ensure you stay on top of your bookkeeping requirements, keep up-to-date with inventory, cash flow and debtors and follow task lists.

Yes, the economic downturn is having an impact on businesses and the pressure is really building, but this presents you with the opportunity to select your own course.

It’s important that you take a step back and look at the ‘big picture’.  Instead of only responding to daily issues, now is the time to develop and implement a sound business plan for overcoming future challenges.

Don’t be afraid to seek specialist advice.  Talk to your accountant.  They can not only help you with tax and accounting related matters, but they can also help you with your business planning, financial goal setting, cash flow and making sure your business is running at its best.

Remember… It’s important to be prepared!

Source  :  www.livenews.com.au

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STAMP duty on housing loans could be abolished after the Henry tax review, which is likely to recommend states be given a share of income tax to make up the difference.

The most likely path to do this would be for the Commonwealth to give the states the ability to impose their own surcharge on income tax, which would be collected for them by the Australian Tax Office.

 The Henry review has been inundated with submissions calling for the end of stamp duty.

Tax economists argue that the tax on moving house, although easy to collect, leads to poor use of the housing stock and poor labour mobility, The Australian reports.Having to pay stamp duty not only discourages elderly people from moving to more appropriate accommodation, it also deters people from moving house to a better jobs market. 

At a conference conducted by the Henry tax review at the Melbourne Institute last week, both international and Australian tax economists said stamp duty should go, with Melbourne University professor John Freebairn describing the tax as “a piece of garbage”.

The review panel is being influenced by state submissions arguing that replacing stamp duty by extending other state taxes, such as payroll tax or land tax, would be too difficult to implement nationally.

Tasmanian Treasury secretary Don Challen, who is close to the inquiry’s head, federal Treasury secretary Ken Henry, told last week’s conference that reform of state taxes would succeed only with leadership from the national government.                                                                                                                                                      stamp duty

“If you want to achieve a difficult reform, you’ve got to make it a national one,” Mr Challen said.

He said it would be too hard to win political consensus to extend land or payroll taxes.

“It requires eight lots of political commitment and eight lots of legislation and that path is doomed to failure,” he said.

However, he said he believed states would be willing to act on stamp duty if the commonwealth provided an avenue for alternative revenue.

The idea of giving states a cut of income tax was pressed two years ago by the OECD, which suggested the states “piggy-back” on income tax. The OECD also urged states to drop stamp duty.

One of the world’s leading experts on federal taxes, Canada’s Richard Bird, said the states were heading for a financial crisis because they did not have a sufficient tax base to support their burgeoning health and education costs, which were all rising much faster than the consumer price index.

One of the problems with stamp duty for the states is that it is vulnerable to the state of property markets.

Stamp duty usually raises about $14 billion a year for the states, but the recent state budgets showed big falls of more than $1bn each in NSW and Queensland, in 2008-09, for example.

“In Australia, it should certainly be feasible to permit states to impose a surcharge on the federal personal income tax base,” Professor Bird said.

He said that, ideally, Australia would follow the Scandinavian practice of allowing states to have a flat tax surcharge on income, rather than mirroring the commonwealth’s progressive taxation.

The states would be allowed to set their own level, making states more responsible for their own finances.

Source  :  www.news.com.au

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Australia is still open for business

Despite the current financial troubles plaguing the world, the Australian government continues to welcome business migrants who want to move to Australia to estab1201173161413australia-flaglish and operate a new business or purchase and operate an existing business.Migration opportunities also exist for people who wish to invest in Government bonds. Australia’s states and territories are competing in a bid to sponsor business people from around the world in an effort to attract investment and suitable migrants to their cities and towns. At the same time the Australian government has been at pains to stress the importance it places on small business in Australia and has rewarded the sector with significant tax relief. On March 28 2009, the Australian government announced more than AUD720 million (SLR 23 billion) of cash-flow relief and further initiatives to support small business are expected in the May budget.

Although the business world has been pessimistic about the impact of the global financial crisis, Australia has been better positioned than most countries to weather the storm. A survey conducted by the Small Business Development Corporation of small business sentiment in Western Australia has found that “there is more optimism within the small business sector than media reports would have us believe”, SBDC Managing Director Mr Stephen Moir said when the survey was released. This may make it a good time for potential business migrants to consider a move to Australia.

Many business people from around the world have already taken advantage of the opportunities offered under Australia’s business migration programme. A total of 6565 business visas were granted in 2008, a 12.5% increase on the 2007 figure. This is about equal to the number of business visas that can be granted before July 2009 under the recently announced cap. New business visa applications are still being accepted and processed as normal and no limits have been announced for 2010. It is not clear what effect the global downturn will have on demand for these visas and whether the caps for 2009 will have an effect on processing times in the future. There would appear to be little reason for the Australian Government to place significant limits on the number of business visas in the future – business migrants create job opportunities in Australia rather than reduce them.

Historically the Australian business visa programme has attracted mostly small to medium business people who are seeking better opportunities for themselves and their families in Australia. In recent years the program has attracted many applicants from countries such as the PRC, Indonesia and South Africa where there has been some political or economic instability and concern for the future.

Australia’s business visa program is targeted at small business owners and senior managers who have a proven track-record of successful business in their country and who have accumulated wealth through their entrepreneurship, which can be invested in Australia. Successful business applicants need to show that their business has recorded sales of more than AUD$300,000 (LSR 27,000,000) in at least two of the past four fiscal years or that they are a senior manager in a significant business, and that they have at least AUD$250,000 (LSR 22,000,000) in personal and business assets which they are willing and able to transfer to Australia. Business migrants who are over 45 or who do not have a good command of English must be sponsored by a state or territory of Australia.

Despite the global downturn, there are good business opportunities in Australia in many sectors and Australia remains very much open for business. In order to encourage business migrants to establish themselves in their area, some Australian states and territories, including Western Australia, offer incentives and assistance packages to qualifying new migrants and small business owners. Many states and territories offer discounted education for children of business migrants.

A successful business visa applicant will first be granted a temporary visa for four years within which time they must relocate themselves and their families to Australia and establish their business in the sponsoring state. Provided the relevant requirements are satisfied during this time, the person can apply for a permanent visa allowing them and their family to remain in Australia indefinitely. After a time, business visa holder can apply for Australian Citizenship should they want Australian nationality.
If you are thinking about migrating to Australia, the time might be now!

Source  :  www.sundaytimes.lk

 
         
 

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