Boston Blog

Education Tax Refund – no longer exists. The government has removed this initiative retrospectively and replaced it with the School Kids Bonus. The good news is that you no longer need to spend money and keep receipts for school items in order to be reimbursed 50% of...

INDIVIDUALS: Schoolkids Bonus to replace Education Tax Offset From 1 January 2013, families will receive the Schoolkids Bonus cash payment worth $410 for each child in primary school and $820 for each child in high school each year. The new automatic payment will...

With the recent talk in Australia of “taxing the rich” (itself an echo of current sentiment in the U.S), I urge everyone to watch an informative presentation by Tony Robbins titled “The National Debt and Federal Budget Deficit Deconstructed”. Here is the link:...

The Treasurer with his 2012 Budget introduced a new concept that has some merit, albeit with severe limitations, called the ‘business tax loss carry back’. For some context, before this was introduced, businesses could only carry forward tax losses and use them to...

We gave you the heads up 5 months ago that the Treasurer was postponing the introduction of the ‘standard tax deduction’ and the ‘50% discount on tax on interest earnings’ (see article ‘In case you missed it’ posted 15/12/2011), and with our realistic leanings,...

The Tax Office is introducing new reporting requirements for tradesmen and businesses in the Building and Construction industry commencing 1 July 2012. Those tradesmen/businesses that pay subcontractors will now have to report the following to the Tax Office:...

Here are the richest suburbs in Australia. They take into account people who work to the point where they have to pay tax, so it doesnt include the unemployed: Top 10 National postcodes: Postcode    State         Suburb                       Avg Taxable Income...

A guy needs money so he walked into a bank in Brisbane and asked for a loan. He told the bank that he was flying to Cairns for an international redneck festival for two weeks and needed to borrow $5,000 and that he was not a depositor of the bank. The bank manager...

The Tax Office has recently announced the introduction of a 15% rebate on the purchase of eligible ‘seeders’. One of the qualifications to receive the rebate is that the eligible equipment is purchased between 1 July 2012 and 30 June 2015 so if you need one don’t...

Here are a couple of scenarios involving people/businesses with overdue BAS’s that was recently sourced from the ATO website. If these circumstances are familiar to you then give us a call asap to get it sorted out: Example 1: Conviction and heavy fine for failing to...