Every year in the Bavarian city of Munich, the Oktoberfest famously celebrates beer in all its forms. Over the 16-day event, visitors manage to consume around 7.6 million litres of the amber fluid, which sold at a recent festival for an inflated asking price of €9 (around $13.50) per litre, which is the capacity of...

The average retail costs of unleaded petrol (expressed as cents per litre) for the 2012-13 income year are provided below. Taxpayers can use these figures to calculate the fuel deduction where receipts have not been kept to substantiate a claim, provided a valid logbook is kept and the other requirements under the law are met. As...

The cost of living for retirees has increased slightly in the June quarter, the Association of Superannuation Funds of Australia (ASFA)’s “Retirement Standard” for June has found. Released on August 16, the quarterly standard benchmarks the annual budget needed by Australian individuals and couples to fund either a comfortable* or modest** standard of living in...

The ATO has small businesses, trusts, wealthy individuals and self-managed superannuation funds (SMSFs) firmly in its sights this year as it outlined which high-risk businesses and individuals it will focus on in its 2013-14 compliance crackdown. Below are the key scrutiny areas you should know about. Payment of superannuation guarantee Given the recent increase in...

Australia is the most giving country on the planet according to a new global index that measures charitable giving, from both companies and individuals. Compiled by the international Charities Aid Foundation (CAF), the World Giving Index for 2012 put Australia at the top of its list of the 20 best countries in terms of donating...

“Mortgage offset account”, “offset home loan”, “interest offset account” or simply “offset account” — they are all interchangeable labels for the same financial product provided by banks. It is essentially a savings account that is linked to a loan account. An offset facility contains two bank accounts: (1) a transaction account (meaning you have access...

To help you keep abreast with the latest changes, we have compiled a guide to which reforms did and did not make it as of July 1, 2013 – including ones that affect self-managed superannuation funds (SMSFs). What made it? 1) SMSF supervisory levy rise The supervisory levy increased from $191 in 2012-13 to $259...

From the 2012–13 financial year (so for your current tax return), the private health insurance rebate is being income tested against three income tier thresholds. This means if you have private health insurance, the amount of rebate you will be entitled to receive is reduced if your income is more than certain threshold income amounts...

Businesses can rejoice in the fact that the much talked about loss carry-back measures were finally passed by Parliament just days before 2012-13 ended, in a move to benefit more than 110,000 Australian companies. The loss carry-back law provides a company with the choice to carry back up to $1 million of losses against profits...

If you’re keen to escape the winter chills and head off to warmer climes overseas, there is a scheme available that may take some bite out of your travelling costs. The Tourist Refund Scheme (TRS) lets you claim a refund on the goods and services tax (GST) and wine equalisation tax (WET) on goods you...