$20k accelerated deductions for small business extended another year The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019. From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. There are no limits to [...]
New minimum pay rates from 1 July 2018 New award wages and allowances come into effect from 1 July 2018. If you’re an employer, it’s important that you are aware of the new rates and apply them. The Fair Work Ombudsman’s online Pay Calculator can help you determine the right rates to apply.
1 July 2018 Personal income tax cuts New personal income tax rates come into effect from 1 July 2018. The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000. Dovetailing into the tax bracket change is the introduction of the Low and Middle Income Tax Offset for those with [...]
Company tax change in limbo An issue that many business owners and investors will need to grapple with is uncertainty on the tax rate that applies to companies for the year ended 30 June 2018 and the maximum franking rate on dividends paid during the 2018 income year. While the Government introduced a Bill to [...]
Who gets a tax cut from 1 July? 1 July 2018 is the start date for the seven year income tax plan announced in the recent 2018-19 Federal Budget. The seven year plan benefits low and middle income earners in the first few years before expanding out to a broader restructure of the tax rates [...]
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 [...]
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 [...]
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, [...]
Santa’s Tax Crises A light-hearted look at the complexity of Australian taxation laws. Dear Santa, Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has [...]
