What’s changing on 1 July 2018? Individuals Personal tax bracket changes – The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and…
3 tax deductions on this year’s ATO hit list Every year the ATO makes it known what sort of deductions will be getting the eagle eye. So far, here’s what we know about this year: The ATO publicly flags a couple of areas it’s looking at because (surprise, surprise) it’s not really trying to scrounge…
Claiming personal super contributions deductions The removal of the 10% maximum earnings condition means more people may be eligible to claim a personal super contributions deduction this tax time. Mitchell Partners can help you to understand if you are eligible and let you know if you need to: make personal (after tax) super contributions directly to your…
10 commandments of a stress-free stocktake If your business produces or purchases stock for the market, you’ll likely need to do at least one stocktake at the end of the financial year for tax reasons. You should do your stocktake as close to the end of the financial year as practical. If you choose not to stocktake,…
CGT and the family home If you are a foreign citizen currently living in Australia but planning to leave Australia at some stage in the short to medium term then these new rules are likely to impact on you. If you owned your home at or before 9 May 2017, you can access the main…
Superannuation Guarantee Amnesty On 24 May 2018, Minister for Revenue and Financial Services announced the commencement of a 12-month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty. Subject to the passage of legislation, the Amnesty will be available from 24 May 2018 to 23 May 2019. Employers…
Definition of an SMSF to change The Government has announced that the maximum number of members an SMSF can have will increase from four to six. At present, under section 17A of the SIS Act, to meet the definition of an SMSF the fund must have 4 members or less. There is a long way…
CGT and the family home If you are an Australian citizen working overseas but a non-resident for tax purposes, these new rules are likely to affect your main residence in Australia. If you maintain your main residence in Australia, you can use the absence rule to maintain the exempt status of your property just in…
CGT and the family home Expats and foreign residents beware The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate. If you are a foreign resident living in Australia or an Australian working overseas who owns residential property in Australia, this reform potentially has serious…
How to use EOFY to set yourself up for success Each end of financial year ‘EOFY’ is the highlight of the year (at least it is to us) It’s the green light for business owners to run the rule over their business and set up for success. It’s not just crunching the numbers and filling…