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Superannuation guarantee amnesty introduced

 

The Government has introduced legislation to complement the superannuation guarantee ('SG') integrity package already before Parliament by introducing a one‑off, twelve-month amnesty for historical underpayment of SG.... (Read More...)

24 July

2018

Increased scrutiny of home office claims

 

Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses.

 

(Read More...)

17 Oct

2018

Fast-tracking tax cuts for small and medium businesses

 

The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years.

 

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26 Nov

2018

 Company loans to shareholders under review 

 

The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company.

 

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24 Jan

2019

 Division 293 assessments 

 

The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year.

 

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14 Feb

2019

 Changes to the small business instant asset write-off 

 

On 29 January 2019, the Prime Minister announced that legislation will be introduced to:

 

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26 March

2019

 Personal income tax 

 

The Government has proposed the following changes to the personal income tax rates:

   

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4 April

2019

 Tax cuts become law 

 

The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.

   

(Read More...)

16 August

2019

16 Sept

2019

 “Outrageous” deductions rejected 

 

The ATO has published some of the most unusual claims that they disallowed last financial year.

 

Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO's systematic review of claims had found, and disallowed, some very unusual expenses, including:

   

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09 Oct

2019

 $30,000 instant asset write-off 

 

The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second-hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.

   

(Read More...)

21 Nov

2019

Super guarantee opt-out for high income earners now law. 

 

From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee ('SG') from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.

   

(Read More...)