Accountancy is the study of how companies track their revenue and assets in time. Accounting firms do much more than the general presumptions; they compute expenditures and efficiency benefits from new technologies, taking part in strategies for mergers and acquisitions, superior management, acquiring and utilizing data systems to create a record of fiscal performance, tax system, and health care care benefits control.

Australia has what is called a Medicare Levy. It currently applies to the taxable income of an individual who is an Australian resident for tax purposes. Ordinarily this would mean that an expat on a 457 Visa, who is classified as a temporary resident for tax purposes, would be liable for the Medicare Levy of 1.5%.

The passing away of someone you love is a tragic event but not taking into account the tax considerations on sale of any property you receive from an inheritance as part of that estate can cause further grief.

The end of financial year is approaching fast and soon it will be time to start preparing and lodging your 2011 tax returns. We discuss some of the areas that are commonly missed and what you need to consider when preparing your 2011 tax returns.

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