LATEST ACCOUNTING NEWS
Sub-trusts ‘redundant’ under final Div 7A ruling
Tax Office homing in property deductions, SMSFs warned
ATO adds indebted sole traders to credit referrals
State and Federal Covid support --- Aug 2022
ATO casts net wide when it comes to taxable business income
Largest natural gas produces by country from 1970-2021
NALI ‘a special problem for SMSFs’
Tax time tips
Census 2021 Data
Single Touch Payroll: Phase 2 deferral reminder
Largest inflation rates by country in Oceania
Write a business plan
Be wary of trust disclaimers, ATO warns
Tax time guide offers path through 100A
Car allowance increase ‘welcome news’
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
ATO zeroes in on work expenses, crypto investments
Forget the Tim Tams in your WFH claim, say ‘fun police’
Inflation will force a third of businesses to raise prices
Year-end tax planning
World GDP Ranking (1960~2025)
100A ruling ‘turns tax avoidance logic on its head’
Company directors must register - all you need to know
Be alert for phoenix activity, businesses told
Equifax signs data agreement with ATO
E-invoicing will reduce emissions, says PwC
Largest cities in the world 1500 to 2100
Last chance to claim the loss carry-back
Changes to recovery loan scheme for small and medium enterprises
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Access to more resources and tools than most websites.
Tax Return Mistakes
SMSF advice appetite strong, says ASIC
Taxpayers confused by Scott Morrison’s $1,080 tax refund
Common STP set-up mistakes - ATO
Proposal to hold directors liable for GST set to pierce corporate veil
September 2019 - vital statistics for Australia
Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
Changes to the Private Health Insurance Statement
Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
Downsizer Super Contribution
Tax payers to receive beefed up tax returns.
10 top global corporations since 1998
Catch-up Contributions
Life Insurance
Community tip-offs trigger ATO visits
Australia at a glance
2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Small business clients need to be ready for STP by 30 September
Big four firm outlines new financial year checklist for SMSFs
Alert - Online Share Accommodation
ATO flashes warning over $7.2bn car expenses claims
Vital statistics for our great nation.
3 out of 4 tax dob-ins are about business
Tax on compensation received for inappropriate advice
‘Extra care’ crucial in avoiding ATO spotlight this tax time
Changes to the Private Health Insurance Statement

Most taxpayers know that if they do not have adequate private health insurance, that there can be a charge or a surcharge on the tax assessment.



       


 


The taxable income also impacts the government rebate received by the health insurer, which effects the net premium. 


The law has recently changed in regards to the way health insurers give you information about your private health insurance premiums.  Previously, your health insurer was required to send a private insurance statement to each adult covered by the policy by 15 July each year.  It is now optional for them to send you this information.  The health insurer may send the statement by email, email, or a link to an online version.


If you do not receive a statement and your tax agent does not, you will need to contact your health insurer.  We have observed that most insurers have provided a statement this tax year, but no one can predict what will happen next tax year.


The Australian Taxation Office will income test your share of the policy, regardless of who paid the premiums and how many other people are covered on the policy.


A few taxpayers may be interested in the reason for two lines on the statement.  Premium and rebate calculations are based on a year ending 31st March and one line is a code for premiums, before that date and the other code is after that date.


The most significant item is that your policy confirms an adequate level of private health hospital cover throughout the year.  If not, you may be liable for Medicare Levy.


 


 


AcctWeb




5th-September-2019
 
CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411| Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
Liability limited by a scheme approved under Professional Standards Legislation and other than for the acts or omissions of financial services licenses.