TAX FACTS

Tax Facts

tax_fact

Facts on Tax

Information on these items is changed regularly, so for your Convenience we have supplied you with the direct Links to the ATO website.

  1. Individual income tax rates
  2. Rates, calculators & tools
  3. Medicare levy
  4. Capital allowances
  5. Superannuation guarantee
  6. Failure to lodge on time
  7. Fringe benefits tax – what you need to know
  8. Australian Taxation Reporter

Frequently Ask Questions

Here are some common questions about tax and accounting. Hope you’ll find it very helpful otherwise call us at 02 8752 8500

  • What do I have to bring to an appointment?
    • All PAYG Payment Summary (or Group Certificate) including Centrelink (if applicable)
    • Details of Interest Income (if applicable)
    • Details of Dividends Income (if applicable)
    • Details of foreign employment income (if applicable)
    • Details of charitable donations (if applicable)
    • Current HECS/HELP and/or SFSS (if applicable)
    • Private Health Fund Statement (if applicable)
    • Trust/Managed Funds distribution statement (if applicable)
  • How long do I need to keep my receipts?

    You must keep it for five years after they are prepared, obtained transactions completed, whichever occurs latest. All documentary evidence should be kept from the date of lodgement of the tax return in which the claims are made.

  • What is the current Medicare levy rate?

    The Medicare levy rate is 2% of taxable income, subject to certain exclusions and reductions.
    The ATO offers a free tax calculator

  • What is the current company tax rate?

    The current company tax rate is 30%.

  • How does a company deregister?
    • Ensure that all outstanding documents (including annual returns) have been lodged with ASIC
    • Ensure all outstanding charges against the company have been satisfied. You should make sure of this before applying for deregistration.
    • Complete Form 6010 and include a $38 application fee.
  • When can I deregister a company?

    You can apply to deregister a company if:

    • All members of the company agree to deregister;
    • The company is not carrying on business;
    • The company’s assets are worth less than $1000;
    • The company has paid all fees and penalties payable under the Corporations Act 2001;
    • The company has no outstanding liabilities; and
    • The company is not a party to any legal proceeding
  • How do I set up a Self-Managed Superannuation Fund (SMSF)?

    There are a number of trust laws and legislative requirements relating to setting up a self managed superannuation fund (SMSF). If you wish to set up your own fund please contact us for further information.

    John P Natoli & Associates
    153 Victoria Road, Drummoyne NSW 2047
    Email: jpn@jpntax.com
    Phone: 02 8752 8500
    Fax: 02 8752 8524

  • What is a trust?

    A trust is an obligation on the trustee to hold property or income for a particular purpose on behalf of another property. The following are the different types of trusts.

    • Discretionary Trusts
    • Unit Trusts (public and private)
    • A combination of a unit and discretionary trust (hybrid)
    • Fixed Trusts
    • Testamentary trusts
    • Inter vivos trusts

    The essential elements of a trust are:
    A constituent document (the trust deed) although a trust can be created orally or implied;

    • Trust property
    • Beneficiaries
    • Trustee
    • Settlor and
    • Obligations in relation to the trust property as set out in the trust deed