As predicted by almost every significant media outlet during the past week, the Treasurer has announced a Federal Budget surplus of $1.5 billion for the 2012-13 year.

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Company tax loss carry-back scheme which allows companies to carry-back tax losses of up to $1 million to offset previous profits and provide a refund of tax previously paid.

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Come tax time, every penny counts – particularly in the case of investors. Owners of rental properties are entitled to tax deductions in connection with their investments but do you know what these deductions are and how you can save yourself from paying more? Read our guide below for a rundown of claimable rental property expenses.

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In general terms, there is a prohibition on superannuation funds borrowing money, however an exception to this rule enables self managed superannuation funds (SMSFs) to borrow in order to acquire certain assets. These borrowing arrangements are strictly regulated.

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Every so often, a person’s career will take them places — but not necessarily in an ‘upwardly mobile’ way. If earning a living means an employee needs to be away from their usual place of residence for an extended period, the government has made available tax concessions generally known as the Living Away From Home Allowance (LAFHA).

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Changes announced in the latest Federal Budget mean that from July 1, 2012, the Net Medical Expenses Tax Offset will have two income-based thresholds, both indexed annually. A lower threshold ($2,060 for 2011-12) applies to individuals with an annual taxable income of less than $84,000 and less than $168,000 for couples and families, and a higher threshold ($5,000) applies to those earning more.
 

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