Toll Remote Logistics - TOLL Group

TOLL GROup
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Australian tax summary
With the end of financial year around the corner, it is almost ‘tax time’…again! Australian toll
employees and contractors should be careful when declaring all assessable income and claiming
eligible tax deductions, particularly in light of significant data matching conducted by the AtO.
We draw your attention to the eight most common
tax return errors:
• omitting interest income
• understating income
• incorrect or omitted dividend imputation credits
• Capital gains / losses are incorrect or omitted
• Home office expenses
• Depreciation on rental property fixtures and fittings
• Depreciation on income producing buildings, and
• Borrowing costs associated with negative gearing.
This article outlines the key areas of interest and handy end
of year tax hints to assist taxpayers with their ongoing tax
compliance obligations.
Lodgement date – late October 2011 (TbC)
Failure to lodge on time may result in non-deductible late
lodgement penalties. Taxpayers lodging through a registered
tax agent may have a later lodgement due date in line with
tax agent lodgement programs, but should confirm with their
tax advisor.
personal tax rates – no change but includes flood levy
individual taxpayers will pay more personal tax when the new
flood levy applies from 1 July 2011. The resident tax rates
for individuals are as follows:
tax threshold levels – flood levy comparison
Flood levy
Generally, the flood levy will apply to individual taxpayers
who have a taxable income over a$50,000 in the 2011–12
financial year as illustrated below. as a result of the levy, for the
2011–12 financial year, the effective top personal marginal tax
rate will be 47.5 percent (including medicare levy). individuals
are exempt from the flood levy if they were affected by a
natural disaster during 2010 –11 and received an australian
Government Disaster recovery payment (aGDrp) or would
have met the aGDrp criteria.
Tax tips to better manage tax affairs
salary packaging benefits
salary packaging can be a useful way to obtain tax savings,
particularly if you are on the top marginal tax rate. some of
the most common and tax-effective items to consider include
superannuation and motor vehicles.
Toll is generally entitled to claim GsT credits on taxable
benefits, making the salary sacrificing arrangement more
cost effective. employees should enter an effective salary
sacrifice arrangement to forego salary or bonuses for fringe
benefits or additional superannuation contributions prior to
earning the income.
please be mindful that salary sacrificed fringe benefits may be
reportable on your payment summary. This may impact other
items including medicare levy and superannuation surcharge,
childcare payments, Higher education loan payments (Help)
and government benefits.
Current and from 1 July 2011 (excluding flood levy) From 1 July 2011 (including flood levy)
Taxable income (a$) rate (percent) Taxable income (a$) rate (percent)
0 - 6,000 0 0 – 6,000 0
6,001 – 37,000 15 6,001 – 37,000 15
37,001 – 80,000 30 37,001 – 50,000 30
80,001 – 180,000 37 50,001 – 80,000 30.5
180,001+ 45 80,001 – 100,000 37.5
The above rates exclude 1.5 percent medicare levy.
100,001 – 180,000 38
180,001+ 46