The print edition of Thomson Reuters’ Australian Tax Handbook 2013 is now available for immediate delivery.
Published continuously since 1955, The Australian Tax Handbook provides a convenient reference to the full spectrum of income tax law, with input from leading authors, including Robert Deutsch, Mark Friezer, Ian Fullerton, Peter Hanley and Trevor Snape.
For 2013, practitioners will be faced with another challenging year as they look to accommodate a raft of new tax measures. For individual taxpayers, these include restricted access to the dependent spouse offset, means testing the private health insurance offset and an increased Medicare levy surcharge rate for higher income earners. While small business taxpayers will benefit from simpler and more generous capital allowance rules, businesses will be faced with new FBT rules for living-away-from-home allowances. Meanwhile, company directors may be hit with a new tax if their company fails to comply with its PAYG withholding obligations.
Practitioners also need to be aware of other significant measures in the pipeline for 2013. These include allowing up to $1m of tax losses to be carried back for up to 2 years (only one year for 2011-12), reforming the taxation of trusts, tightening the general anti-avoidance provisions in Pt IVA, introducing a monthly PAYG instalment system for larger businesses and new transfer pricing rules. 2013 could be an interesting year.
The Australian Tax Handbook is published twice a year in print format, in January and July. However, the best way to stay up-to-date is via an online subscription with 4 updates per year online – in January, April, July and October. For 2013, the Handbook is also available in a “value bundle” as an eBook on Thomson Reuters’ ProView™ eReader. To find out more, visit the Thomson Reuters website or contact Customer Support on 1300 304 197.