GLR News
» MYOB CLOUD is coming
For those of our clients on MYOB and/or Banklink, an exciting new product from MYOB is coming. This “cloud” concept of data storage is the next big thing. It enables us to work together from our different locations. No sending in discs or usb’s. We just log on from our office as if we are in your office. We can then read the data we need and make the needed changes at the end if you want. The expected launch will be in March 2012.
For more information please visit MYOB's website
» Carbon Tax
The Carbon Tax legislation how now been passed through Parliment and will take affect from 1 July 2012. For the first three years government will set a fixed carbon price, with a market based emissions trading scheme taking affect from 1 July 2015. The 500 largest polluting companies in Australia will pay the tax.
All individuals will be affected by the tax through the rising cost of electricity, gas and pretty much everything else. The government has estimated they expect households to pay on average an extra $9.90 a week.
Compensation for households
The government will be providing compensation to individuals earning less than $80,000 p.a in the form of tax cuts. Anyone earning over $80,000 will not receive any compensation. The below table sets out the changes to the tax rates from 1 July 2012.
| Current (2011/12) | 2012/13 | ||
|---|---|---|---|
| Threshold | Marginal Rate | Threshold | Marginal Rate |
| $6,001 | 17% | $18,201 | 19% |
| $37,001 | 30% | $37,001 | 32.5% |
| $80,001 | 37% | $80,001 | 37% |
| $180,001 | 45% | $180,001 | 45% |
This is just a basic overview of a very complex scheme. For more information please visit the Clean Energy Future website.
» Flood Levy
What a year it's been for 2011. The devastating cyclone and floods in Queensland has seen Australians unite together to provide aid through tax deductible donations and more importantly for all taxpayers, the implementation of a Flood Levy for the 2011/12 financial year. This levy aims to help the Qld government provide funding to rebuild infrastructure damaged by the floods and Cyclone Yasi.
Similarly to the Medicare levy, it applies to all individual taxpayers with a taxable income greater than $50,000 unless specifically exempt. The levy is taxed as follows:
| Taxable Income | Levy |
|---|---|
| $0 - $50,000 | Nil |
| $50,001 - $100,000 | 0.5% above $50,000 |
| $100,001 + | $250 + 1% above $100,000 |
Click here to see if you have to pay the Flood levy.