The tax year is once again set to end June 30 and the budget is due for release on the evening of 8^th May 2012. 
Tax planning opportunities are available now, and as soon as the budget has been released I will also send through an update of what’s new. It’s a great time to get together to review how you’ve travelled for the year and what we can do prior to EOFY.  It’s also the perfect time to get together with your Accountant to ensure you’ve done all you can before June 30.
Please find outlined below some new developments as shared by my Accountant Leiza Cole, from Accountant Sharing Knowlege: 
 

Tax Tip 1: Small Business: instant asset write off and simplified depreciation

On the 29 March 2012, the small business instant asset write off and simplified depreciation received royal assent.  Therefore in the 2012/2013 the change will enable small businesses to write-off all depreciable assets where the taxable purpose proportion is less than $6,500 in the income year in which they start to use the asset, or have it installed ready for use.
 

Tax Tip 2: Changes to Private Health Insurance Rebate and Medicare Levy

Currently holders of private health insurance receive a minimum of 30% rebate in relation to their insurance premiums. This will change from 1 July 2012, as a consequence of the Parliament recently passing legislation that will “means test” the private health insurance rebate. Therefore eligibility for the rebate will now be determined based on income (of either an individual or a family) and age. This means that if your income (or the income of a family) exceeds certain thresholds each year, the amount of eligible rebate may be reduced (or removed completely).  If you want to discuss this further with me please give me a call as individual circumstances will need to be taken into account.
 

Savings Tip 3: Review your Home Loan

For most of us our homes are our biggest assets however they very often have a home loan attached to them which takes us many years to repay.  As the debt exists for many years we end up paying thousands of dollars in interest each year.  The banks/ building societies can offer various products and rates of interest.  I suggest that we review these every few years to ensure we have the best product to meet our needs and hopefully to save us funds.  This can be a daunting task as there are so many products on offer.  I suggest talking to a mortgage broker so they can assist you with finding the best solution. 

Info Tip 4: National Names Register

If you wish to trade under a trading name i.e. a name different to your individual name or your company name, then you are required to register this name, previously with the Office of Fair Trading.
Following a recent Government announcement, it is expected that from 28 May 2012 registration of business names will be managed under a national scheme administered by The Australian Securities and Investments Commission (ASIC) replacing the current state based system where businesses are required to register in each state or territory of operation.  If you currently have a business name registered in any state or territory, the details of your registration will automatically transfer to the new national register and the due date of your current registration renewal will remain the same. If there is another business in another state or territory with the  same name as your business, you will not need to change your business name, however, an additional identifier will be applied to your business name to differentiate between same name registrations (this will be for administrative purposes only and you will not need to include the identifier in your trading name). If your business name is currently registered in multiple states, all registrations will be transferred to the new national  register. You will not be required to pay multiple registration fees, however, you can retain one registration, and either cancel the additional registrations (without incurring any fees) or allow the additional registrations no longer required, to lapse.
For all new business name registrations you will be able to register for your business name at the time of applying for an ABN. A hyperlink to the ASIC website will be provided at the end of your ABN application to allow
you to easily navigate to the online business name registration home page. Prior to registering your business name you will also be able to search the business names register to ensure the name you have chosen is not currently subject to any trademarks. It is important to note that registration of a business name does not automatically protect the name from use by others and you may need to consider registering your business name as a trademark to ensure exclusive use of your brand.
 
Fees under the new scheme:
New application for registration of a
business name for 1 year                                                                       $30
 
Application for renewal of a
business name for 1 year                                                                       $30
 
New application for registration of a
business name for 3 years                                                                     $70
 
Application for renewal of a
business name for 3 years                                                                     $70
 
These fees are less that the current QLD fee with Office of State Revenue.
 
Transitional arrangements:

• • If your business name is due for registration prior to 28 May 2012, the state or territory authority currently responsible for registrations will send you a renewal notice which you will need to pay to register your business name. The details of your business name registration will transfer to the national register on 28 May 2012 and no further action or payment is needed until your next renewal date.
• • If your business name is due for registration on or after 28 May 2012, ASIC will send you a renewal form to register your business name on the national register.