Federal Budget Summary 2019-20

Budget 2019-20 Highlights & Key Points This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment and the Government has stated that it…

Superannuation Budget changes

1 July changes

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…

news

In the news

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…

property

GST on property developments

Big changes for developers and purchasers If a Bill currently before Parliament passes, from 1 July 2018, purchasers of new residential premises or new residential subdivisions will need to remit the GST on the purchase price directly to the ATO as part of the settlement process. This is a significant change from how GST is…

Salary sacrificing for a fringe benefit

Salary sacrifice or employee contribution? One issue that frequently causes confusion is the difference between the employee salary sacrificing in order to receive a fringe benefit and making an employee contribution towards the value of that fringe benefit. Salary sacrificing for a fringe benefit To be an effective salary sacrifice arrangement (SSA), the agreement must…

Young businessman standing over a young businesswoman sleeping on a couch --- Image by © Royalty-Free/Corbis

What’s changing in 2018?

What’s on the cards for 2018?  We highlight major changes for 2 financial-year milestones – Jan and July – most of which we covered in 2017.  Take a moment to refamiliarise, especially the 10 major changes that kick off from July 2018. 1 January 2018 Vacancy fees for foreign acquisitions of residential land. An annual…