The Tax Preparation Blog

Posts Tagged ‘ato’

Question: Why does tax withheld on the 08/09 tax tables start well above the tax free threshold of $6000?

This has myself and another bookkeeper stumped, we can’t seem to find an answer. We even rang the ATO and the women couldn’t tell us, although she said there must be a reason! For example, the weekly tax table shows that $190 per week is when an employee is above the tax free threshold – but $190 x 52 = $9880. Can someone explain? Thanks.

Answer: maybe it has something to do with the low income tax offset

found this info

From 1 July this year, the Government will increase the 30 per cent marginal tax rate threshold so that the 15 per cent marginal tax rate will apply up to $34,000 of income, an increase in the threshold of $4,000.

In addition, the Low Income Tax Offset will be increased from $750 to $1,200. It will continue to phase out at four cents for every dollar of income above $30,000.

This means that those eligible for the full Low Income Tax Offset will not incur a net income tax liability until their annual income exceeds $14,000.

Importantly and for the first time, from 1 July 2008, low-income earners will receive half the benefit of this offset through their regular pay, rather than receiving the total as a lump sum when their income tax returns are assessed.

This will ensure that they receive more timely tax relief in their take home pay and will sharpen incentives to participate in the workforce.

Solutia Reports Second Quarter 2010 Results

ST. LOUIS , July 26 /PRNewswire-FirstCall/ — Second Quarter Highlights Net sales of $518 million ; an increase of 26% over the same period last year Record Adjusted EBITDA of $134 million ; an increase of 40% over the same period last year Adjusted diluted EPS from continuing operations of  $.44 Raising 2010 free cash flow guidance Novomatrix and Vistasolar ® EVA acquisitions completed …

TradeMatcher.com **Schedule D &D1 Tax Solution** Day trade

Accountancy In The United States – New Report Published

The Accountancy in the United States industry profile is an essential resource for top-level data and analysis covering the Accountancy industry.

Daily Briefing, Monday February 25, 2008

Question: Given income, find tax and tax rate (ASAP!)?

If I have an income of $100,000 how do I find my tax and tax rate using the 2008 Federal Tax Table? (This is for school so I need steps so that I can understand this please…I really don’t get it.)

Answer: Hello there,

The answer depends on some additional facts. You said your income is $100,000. Is that gross income or taxable income?

If that is the taxable income, you must use the tax rate schedule; you cannot use the tax table. The tax table is only for taxable income less than $100,000.

If that income amount is your gross income, we need to subtract the deductions and exemptions to calculate the taxable income. If you are not given any itemized deductions, you would use the standard deduction. Also, we would need to know how many exemptions you have.

One last point, what is your filing status? Is it married filing jointly, single, married filing separately or head of household.

Please post some additional information and I will be glad to walk you through the tax computation process.

Good luck,

Stock rally at start of 2010 augurs well — maybe

If the stock market holds to a pattern it has followed for most of the past 40 years, 2010 could be a big year for investors.

Daily Briefing, Tuesday February 12, 2008

Question: Does anyone know if i can find out my tax file number online?

Does anyone know if i can find out my tax file number online instead of phoning the ATO to get it

Answer: no you can’t, you have to write to the ATO with your identification . Just have a look on some old tax returns it will be on there.

Tax help for small businesses in Young and the surrounding regions

THE ATO recognises that small businesses will be impacted by the recent closure of the Burrangong Meat Processors in Young.

Trust cloning – no more tax breaks?

You don’t have to be a professional designer or an expert to showcase a unique look with the dining tables on the market today. There are tables to suit a variety of home make styles and tastes to help develop your flair. There is posh, chick, traditional, modern, contemporary, and more. The choices are plentiful to help you create a dazzling look for your room with dining tables that will catch anyone’s eye.

When it comes to buying dining tables you’ll find that you have a vast majority of styles and colors to coordinate in any room. Determining which one to buy may not come easy. The best place to start when you begin furnishing the room is to look at the size you will need and how many people you will seat.

After getting an idea of the size of the dining tables your room can house, you want to look at surroundings. The other furniture and décor, if you aren’t replacing them may be the deciding factor as to whether or not you can go with a formal look or an informal one. This is another consideration to make before shopping.

To protect yourself from getting dining tables in your home that don’t fit in, take a careful look at your room and furniture in close proximity to ensure the décor will be complimentary to one another. If you have cherry wood furniture and purchase a modern, espresso color, obviously it won’t work and will make the room look unappealing instead of the enchanting and exciting look you wanted to create. To avoid the trouble and disappointment do your homework in advance.

Picking just the right dining tables to add elegance to your formal room is an option. Many homes have various sizes and shapes in dining rooms. Some homeowners have limited space and have found that a round table is best suited for an odd shaped room. The beauty of a round table is it doesn’t take up a lot of space and makes the room appear larger.

Dining tables have uniquely designs with stylish arms, backs and legs making them untraditional and stunning. By picking a different look with different colors, cloths, and textures offered on the seats or covering the chair in its entirety, you can end up with a rich look.

Rectangle dining tables are great if you have space. The benefit of having this type of table is they seat a higher number of guests. Another unique feature to this style of a table is you can purchase the optional leaf that can be inserted to expand the length. These tables can add extraordinary looks to your home with the variety of wood and designs.

When shopping around, if your room can support dark dining tables, colors with coffee names like Espresso and the like are in. These colors are dark brown with the appearance of near black. These create a formal looking room and are easy to jazz up with creative table linens and centerpieces that will turn your room into a showplace. Now that you have a few tips, it’s time to make your decisions and start shopping.

Reportlinker Adds Survey of Flame Retardants Industry in China

Reportlinker.com announces that a new market research report is available in its catalogue: