The Government’s tax cut bill for 2019 passed through Parliament on Thursday night, July 4th, with assistance from Labor and the Senate cross-bench. This bill is the Coalition’s three-part plan for tax cuts spanning across the 2018-19, 2022-23 and 2024-25 income years. These tax cuts will come through as a tax offset: only those who […]
You should be wary of emails, faxes, SMS and phone calls claiming to be from the ATO. If you are in doubt about the authenticity of a call that you receive claiming to be from the ATO, you can call them on 1800 008 540 to verify. These could be scams designed to trick you into paying […]
The Australian Securities and Investments Commission (ASIC) is warning its Registry customers to be vigilant of scam emails purporting to be from ASIC. We are aware some customers have received emails containing attachments or links to fake invoices. Fake emails may look different to ASIC emails and generally instruct the recipient to click a link […]
The Minister for Revenue and Financial Services has announced that the government has established a taskforce to crackdown on the black economy. Mr Kelly said that “While there is no single internationally-agreed definition, typically, the black economy refers to people who operate entirely outside the tax system or who are known to tax authorities but […]
How the assets test will work in 2017 could increase your Age Pension entitlements, or take some or all of them away. With revisions to the Age Pension assets test just, it’s important to understand how the changes could impact you, particularly with part-pension thresholds somewhat tighter than initially projected. These thresholds are the value […]
From 1 January 2017, tax rates will change for working holiday makers who are in Australia on a 417 or 462 visa. These rates are known as working holiday maker tax rates.
Following extensive consultation, the government has announced the following revisions to the superannuation changes announced in the 2016/17 Budget: The $500000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180000 per year to $100000 per year (note that individuals aged under 65 will continue […]
From July 1, 2017, online sellers with an Australian turnover of more than $75,000 are no longer exempt from registering for, collecting and remitting 10 % GST for low value goods. This measure was legislated in May of this year. As outlined in the budget papers, this measure is expected to have a $300 million […]
The Government has announced that from 1 July 2016, for individual taxpayers, the marginal tax rate of 37 per cent will start at $87,000 instead of the current $80,000. To benefit from this change your taxable income must be more than $80,000. The personal income tax relief changes take effect from 1 July 2016 and […]
For your 2016 tax return, the small business company tax rate has been reduced from 30% to 28.5%. This lower rate also applies to small businesses that are corporate unit trusts and public trading trusts.
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The ATO is reminding Australians to be on the lookout for tax related scams during tax time. Assistant Commissioner Graham Whyte said scammers are particularly active during tax time because of the large number of people lodging their tax returns.
What to expect when parliament resumes Since the Federal Election is now finished and Coalition has returned to government, work can now progress on implementing the policies announced in the 2016-17 Federal Budget. The new Federal Parliament is currently scheduled to commence sitting on 30 August 2016. Below is a summary of some of the […]