What’s changing on 1 July 2018? Individuals Personal tax bracket changes - The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and [...]
Your essential EOFY checklist No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you. Donate - If you are going to donate to charity, now is the time. Any donations you make to deductible gift recipients can be deducted this [...]
One-off Super Guarantee Amnesty Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month. The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running from 24 May 2018 for 12 months, the amnesty encourages [...]
CGT and the family home: Expats and foreign residents beware The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate. If you are a foreign resident living in Australia or an Australian working overseas who owns residential property in Australia, this reform potentially has serious [...]
In the news Tampon Tax The Labor Party has taken a pre-election strike by promising to remove the GST on tampons if they are elected. At present, tampons and other sanitary products, like razors for shaving and nappies, are considered consumables and GST applies. Incontinence pads however, because they are required for a medical issue, [...]
Tax Deductions: the danger zones A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact. In Australia, tax deductions are available for expenses incurred in producing assessable income. These are generally work-related deductions or investment related deductions. And, [...]
Should you use the new super measures when you buy/sell your home? From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without [...]
Single Touch Payroll: what you need to know Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018. For employers Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software [...]
Audit activity is on the rise and anyone can be targeted. Are you protected by our Audit Shield service? What is audit activity? Audit activity includes any audit, enquiry, investigation or review which is instigated by the Australian Taxation Office (ATO) and other relevant government agencies to ensure compliance with various tax and legislative requirements. How common [...]
Cleaning & Courier Companies Targeted In Black Economy Crackdown Buried amongst the Federal Budget announcements was a concerted attack on the black economy that will affect most cleaning and courier businesses across Australia. From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means [...]
