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31 May, 19

Increased and extended Instant asset write – off

You can choose to use the simplified depreciation rules if you have a small business with an aggregated turnover (the total normal income of your business and that of any associated businesses) of less than: $10 million from 1 July 2016 onwards $2 million for previous income years. Under these rules, if you purchased assets from 7.30pm (AEST) on […]

Update on reporting of Contractors-from ATO

In the most recent Federal Budget, Government announced these three additional industries to lodge taxable payments reports with the ATO. Now you have to lodge a Taxable payments annual report (TPAR) by 28th August 2020 & then each year, if you are in the following business- road freight services information technology (IT) services security, investigation or surveillance services These […]

15 May, 19

Proposed changes for personal tax offsets

A new non-refundable personal tax offset is due to commence from 1 July 2018, in accordance with legislation passed in June 2018 (TLA (Personal Income Tax Plan) Act 2018). The Low and Middle Income Tax Offset, or LAMITO, provides taxpayers under $125,333 in taxable income between $0 and $530 in additional tax offsets. The base […]

15 May, 19

Checklist of tax changes taking effect in 2018/19

This checklist sets out significant changes that are scheduled to operate from the 2018/19 income year (with cross-references to the commentary in the Guide where they are discussed). Note that, in some cases, implementation of these changes may be dependent on the future passage of the necessary legislation. INDIVIDUALS The individual income tax rate thresholds […]

15 May, 19

CGT main residence exemption removed for foreign residents

Bill lapsed as federal election called The 45th parliament of Australia was prorogued on 11 April 2019. This means that the Bill to which this event relates to has lapsed. In order for this event to become law, it would need to be re-introduced into the new parliament. Should a new bill be introduced into […]

15 May, 19

Cancellation of ABNs of trusts no longer carrying on an enterprise

The Registrar will cancel trust ABNs in February 2016 where information available indicates that, for the last two years, the trust has not lodged BASs and or income Tax Returns. You or your trust client will receive a letter that the trust’s ABN has been cancelled. The letter will include: The reason for the cancellation, […]

18 Apr, 19

ABN’s proposed to be cancelled on late lodgements

An announcement in the 2019 federal budget looks to implement further obligations on Australian Business Number (ABN) holders. This is an expansion of black economy measures which have been implemented over the past few years. From 1 July 2021, the proposed measure introduces an income tax return obligation for all ABN holders. That is, all […]

18 Apr, 19

Director identification number

18 Apr, 19

Future income tax cuts for individuals

Changes to the individual tax rates have been proposed as part of a 3 phase package announced in the 2019 federal budget. The proposed changes to the tax rates would commence from 1 July 2022, but also include a proposal to change personal tax offsets for the 2018/19 income year. Phase 1: Increasing personal tax […]

Increased and extended Instant asset write – off

Update on reporting of Contractors-from ATO

Proposed changes for personal tax offsets

Checklist of tax changes taking effect in 2018/19

CGT main residence exemption removed for foreign residents

Cancellation of ABNs of trusts no longer carrying on an enterprise

ABN’s proposed to be cancelled on late lodgements

Director identification number

Future income tax cuts for individuals

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