Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. According to the Prime Minister, taxes “will now be lower, fairer and simpler”. The Government’s plans has three steps: 1 The Government will introduce the Low […]
With the end of the 2017/18 financial year fast approaching, it is again time to consider the rules concerning contributions made to your self managed funds or other superanuation funds for this year. Following are some guidelines regarding current rules and ATO requirements 2018 Financial Year AGE: Maximum contribution – Concessional Cap All age groups […]
The Treasurer has released draft legislation containing new “integrity improvements” to the CGT small business concessions (‘SBCs’) (i.e., including the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over). Due to the government’s “continued support for genuine small business taxpayers”, it proposes making amendments so that the CGT SBCs […]
Further ‘affordable housing’ measures passed Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to ‘downsize’ and then contribute the proceeds of the sale of their family home into superannuation. From 1 July 2018, a […]
