M J Heywood & Co
Chartered Accountant
 

Address:
Suite 407
1 Princess St.
Kew, Vic. 3101

Phone:
613 9853 1234

Fax:
613 9853 1023

Email us

Liability limited by a scheme approved under Professional Standards Legislation

 Latest Accounting News Service
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Quarter 2 of 2005
Articles
Superannuation Surcharge Abolished? ? Action Now
$500 Incentive for Mature Age Workers
Children?s Bank Accounts and Tax File Numbers
Private Health Insurance ? Reduced Premium
Higher Education Contribution Scheme and Income Tax
Absorption Costing for Retail and Wholesale Industries ? Update
Workplace Insurance ? Different Locations
Retirement is heading for an extreme makeover.
Superannuation Contributions ? Double Jeopardy
Superannuation Surcharge Abolished? ? Action Now
In the May 2005 Federal Budget it was flagged that the above surcharge would be abolished.

This has been one of the most unpopular taxes, and maybe remembered from ?the tax that isn?t a tax? political debate.

Recent government proposals were that the 15% surcharge on superannuation contributions would be phased out over the next few years.  The Government with the full control of the Senate has now indicated that it will be abolished from 1 July 2005.

Political debate rages and whether it is passed is not definite, but we recommend that any tax planning around tax cuts and superannuation surcharge should be based on the likelihood that they will be abolished.

In the 2005 tax year the surcharge is payable where a defined term ?adjusted taxable income? exceeds $99,710 phasing up to maximum 12.5% surcharge once this figure reaches $121,075.

A simple technique such as requesting your employers to defer monthly contributions until post 1 July 2005 would be effective.  Other techniques to defer income, bring forward expenses and tax advantaged investments will have even greater benefit than usual to taxpayers subject to superannuation surcharge.








10th-June-2005