Tax & Business Accountants Melton – Our services
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Here at Platinum Accounting & Taxation (Accountants Melton) we work with a large section of clients on personal and business advisory matters such as business management, tax minimisation and business expansion planning. Platinum Accounting & Taxation also assist clients with business valuations, acquisitions and sales. We have much experience in working with small and medium [...]
Car Expenses – Rates per Kilometre for 2010-11
June 24th, 2011The Income Tax Assessment Amendment Regulations 2011 (No 3) were registered and set the “cents per kilometre” rates for calculating tax deductions for car expenses for the 2010–11 income year. Those rates are unchanged from 2009–10 and are: Car expense rates per kilometre for 2010–11 Car expense rates per kilometre for 2010-11 Type of Car [...]
FBT Rates and Thresholds for 2011-12
June 24th, 2011The ATO has released five determinations dealing with FBT rates, thresholds, etc for the 2011–12 FBT year (ie the FBT year that commenced on 1 April 2011). • TD 2011/2: for the purposes of s 135C of the FBTAA, the record-keeping exemption threshold is $7,391 (was $7,190 for the 2010–11 FBT year). • TD 2011/3: [...]
Flood Levy for 2011-12 Income Year
June 24th, 2011The Tax Laws Amendment (Temporary Flood and Cyclone Reconstruction Levy) Bill 2011 and the Income Tax Rates Amendment (Temporary Flood and Cyclone Reconstruction Levy) Bill 2011 both received Royal Assent on 12 April 2011 as Act Nos 16 and 15, respectively, of 2011. The Bills had been passed with a number of amendments (to simply [...]
Where’s my tax refund?
June 24th, 2011Depending on how your return is lodged the turn around time for receiving your assessment does vary. At Platinum Accounting & Taxation, tax accountants Melton, we utilise the most efficient technologies for lodging your tax return. Your tax return is lodged electronically with the ATO via a secure online system. Under normal circumstances you can [...]
Platinum Accounting & Taxation – Winner 2011 Powercor Melton Business Excellence Awards, Mayoral Achievement Award
June 24th, 2011Having entered the 2011 Powercor Melton Business Excellence Awards, Platinum Accounting & Taxation is proudly celebrating as a winner of the 2011 Mayoral Achievement Award. The Mayoral Achievement Award is presented each year to a business that the mayor feels is a standout across several areas relating to business and community and Platinum Accounting & [...]
ATO withdraws 2009 cash sales benchmarks
June 24th, 2011The ATO’s cash sales benchmarks for the following 15 industries, released in November 2010 for the 2009 year, have been withdrawn from use: Beauty services; Fuel retailing; Meat retailing and butchers; Clothing retailing; Garden supplies retailing; Newsagents; Coffee shops; Grocery retailing and general stores; Pubs, taverns and bars; Florists; Hairdressers; Restaurants; Fruit and vegetable retailing; [...]
2011/12 Individual Tax Rates
June 24th, 2011The Flood levy has been passed and will impose a 0.5% levy on incomes from $50,001 to $100,000 and 1% above $100,000. For ease, the levy has been included in the following table setting out the tax rates for the 2011/12 income year, even though it will be assessed separately in the same way as [...]
Excess Contributions Tax – Refund Option for Contributions up to $10,000
May 12th, 2011The Government will provide eligible individuals who breach the concessional contributions cap by up to $10,000 with a one-off option to request that these excess contributions be refunded to them. This new refund option will only apply to first time breaches from 1 July 2011. The changes will give individuals the option to take excess [...]
Minimum Pension Drawdowns – 25% Reduction for 2011/12
May 12th, 2011The minimum annual payment amounts for pensions and annuities will be reduced by 25% for 2011-12 and will return to normal in 2012-13. In this respect, the Government will begin to phase out the 50% pension drawdown relief that has been provided for 2008-09, 2009-10 and 2010-11 financial years. Reducing the minimum payment amounts by [...]
