Budget 2018/19: No Tax Deduction for Payments to Contractors
The Coalition will look to deny tax deductions to businesses that pay workers as contractors, when in a legal sense that worker should be an employee. Take a small construction company with 5 workers all
Budget 2018/19: Personal Tax Cuts
The Coalition will look to introduce personal tax cuts in 3 stages: (Now) Increase the 32.5% upper threshold to $90k, and introduce a new tax offset for those on low & middle incomes (2022) Increase
Budget 2018/19: Greater Requirements on Personal Super Deductions
The Coalition will add further integrity checks to the deductibility of personal superannuation contributions. Last year a change was made to allow anyone to claim a tax deduction for personal superannuation contributions. When you claim
Budget 2018/19: Relaxed Audit Requirements for SMSF’s
The Coalition will reduce the audit requirements for SMSF’s from every year to once every 3 years (for those with good compliance history). It’s a win for SMSF’s!! We await the detail on this, and
Budget 2018/19: No Change to Medicare Levy
The Coalition will scrap the current planned increase to the Medicare Levy (will remain at 2%). This is a win for all taxpayers. This will represent a saving of $300 per year for someone earning
Budget 2018/19: Instant Asset W/O Extended
The Coalition will extend for a further year the $20k immediate tax deduction available to small businesses (defined as those with a turnover less than $10 mil) on asset purchases. It was scheduled to end
Business owner slapped with penalty for underpaying workers
A court has penalised a business owner more than $226,000 for their “sheer belligerence” in refusing to take responsibility for underpaying a former employee. The business owner had sent threatening messages and dismissed the employee
Scam Emails
We’ve all received the email from the Estate of the Nigerian Price informing us that we are the beneficiary of his will and if you provide some personal details they will send you some money.
Bank Tax Residency Forms
Last update: 8 April 2018 Changes to global data sharing agreements mean that banks are obligated to report to the ATO whether account holders are tax residents or not. Banks are sending forms, or asking
