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We recently sent out our first Newsletter for the 2012 financial year to all of our corporate clients. You can also view our newsletter online here: Newsletter - Juy 2011 (PDF) This newsletter is mostly applicable to clients who are company associates, however there is also some useful information included which relates to all individuals. We also mention some firm updates in this newsletter, so please take some time to read through the updates. |
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Extra tax refunds if you received Youth Allowance |
Did you recently receive extra money from the ATO even though you didn't lodge a tax return? If so, it could be due to a previous tax return lodged in which you had received Youth Allowance.
Due to a High Court Decision regarding deducation expenses for Youth Allowance recipients, the ATO has stated that it will automatically add a $550 deduction to every tax return where someone received Youth Allowance. Whether or not this deduction actually results in an extra tax refund depends on your income level. For example, if your taxable income was $10,000 then you don't need to pay any tax. An extra $550 deduction will result in you still not needing to pay any tax - it won't actually result in tax being paid to you. However, if your taxable income was $20,000 then the $550 deduction should result in an extra tax refund.
For further information, please read this ATO article. |
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In May 2010, we relocated to a new office location in St Leonards, NSW. The office address is Suite 12, Level 3, 30 Atchison Street, St Leonards NSW 2065. This office is the primary location for our business, and where most of our Sydney clients will be seeing Joel, Samuel or Dorin Bentley. We still maintain office locations in Bondi Junction and Kariong, where clients can make appointments to see Joel or Sam. Please be advised that with the opening of this office location, we have changed our Postal address for all correspondence to PO Box 570, St Leonards NSW 1590. |
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The education tax refund (ETR) is a new tax offset that helps eligible families and independent students meet the cost of primary and secondary school education. If you meet the criteria necessary to receive this tax offset, please bring a list of your ELIGIBLE expenses with you when you come to your appointment, or send together with your other tax materials if we are preparing your return by correspondence. Please read below for more information. |
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The ATO's Business Tax Break |
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A lot of our clients have been asking us about the Government's business tax break, what it means, and whether they are eligible? In short, the business tax break allows businesses to claim an additional amount of depreciation on top of the depreciation they would normally claim, when they purchase a new tangible asset between 31st December 2008 and 31st December 2009. |
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