Changes to the small business instant asset write-off
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Changes to the small business instant asset write-off On 29 January 2019, the Prime Minister announced that legislation will be introduced to: extend the small business instant asset write-off by 12 months to 30 June 2020; and increase the write-off threshold from less than $20,000 to less than $25,000 (effective immediately). The current […]
Claims for home office expenses increased
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Claims for home office expenses increased The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018 (i.e., from the 2019 income year). According to the ATO’s recently updated PS LA 2001/6, […]
Mid-Year Economic and Fiscal Outlook (‘MYEFO’)
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Mid-Year Economic and Fiscal Outlook (‘MYEFO’) The Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report was recently released. It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 billion deficit estimated in the 2018/19 Federal Budget). The substantial deficit reduction is reportedly a result of […]
Taxation of income for an individual’s fame or image
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Taxation of income for an individual’s fame or image The Government has released a consultation paper with respect to the implementation of the 2018/19 Federal Budget announcement relating to the direct taxation of an individual’s fame or image at their marginal tax rates. The proposed reform aims to ensure that all remuneration (including […]
Vacancy fee for foreign owners
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Vacancy fee for foreign owners In December 2017 the Australian Government introduced a vacancy fee for foreign owners of residential dwellings. Under the legislation, foreign owners of residential dwellings in Australia are required to pay an annual vacancy fee if their dwelling is not residentially occupied or rented out for more than 183 days […]
STP for Employers with 19 or less employees
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] STP for Employers with 19 or less employees Legislation to extend Single Touch Payroll to include employers with 19 or less employees is currently before parliament. The Bill has been passed by the Senate with a number of proposed amendments. It has been referred to the House of Representatives to consider the amendments […]
Low income earners may need to lodge
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Low income earners may need to lodge If your client’s taxable income is under the tax-free threshold they may still need to lodge a tax return. Common reasons for this include, if they: had pay as you go (PAYG) withheld from payments received during the year had a reportable fringe benefits amount on […]
Increase in Private Health Insurance excesses
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Increase in Private Health Insurance excesses Legislation has been passed by Parliament to implement the Private Health Insurance (‘PHI’) reforms announced by the Government in October 2017. The measures are designed to simplify PHI and make it more affordable for consumers by improving the value of PHI either in the form of lower […]