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Further company tax cuts deferred (for now . . .) Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in the Senate … for the present point in time (it had already passed the House of Representatives without amendment). The Bill aims to progressively...

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Personal Income Tax Cuts passed! Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. According to the Prime Minister, taxes “will now be lower, fairer and simpler”. The Government’s plan has three steps: Step 1:...

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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income. However, Small...

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Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance. Tax saving strategies prior to 1 July 2018   A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year,...

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2018 Budget Update   The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018.  Some of the important proposals include: The introduction of the ‘Low and Middle Income Tax Offset’, a temporary non-refundable tax offset of up to $530 p.a. to Australian resident low and middle income taxpayers for the 2019 to...

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Tax time is fast approaching, but the good news is you still have time to get organised, reduce your tax burden, and make sure you’ve met your compliance obligations. Instead of just a time-consuming mountain of scary paperwork, EOFY is a great chance to set you up for next year’s success. While it might be...

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GST withholding measures now law Legislation has been passed to “clamp down” on GST evasion in the property development sector. From 1 July 2018, purchasers of new residential premises and new residential subdivisions will generally be required to withhold the GST on the purchase price at settlement and pay it directly to the ATO. Property...

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New superannuation rates and thresholds released  The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000.  The CGT cap amount will be $1,480,000. The Division 293 tax threshold...

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Work-related tax deductions relating to cars, travel, clothing, internet, mobile phones, and self-education are among the top claims the ATO will be watching at tax time. The move for closer scrutiny follows an announcement which revealed 6.7 million taxpayers claimed a higher-than-expected $7.9 billion in work-related claims last year, with the ATO noting this included...

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Big changes proposed to eligibility for the CGT SBCs The Treasurer has released draft legislation containing new “integrity improvements” to the CGT small business concessions (‘SBCs’) (i.e. including the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over). Due to the government’s “continued support for genuine small business taxpayers”, it...

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