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SG Amnesty Still Pending

The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (ie., from 24 May 2018 to 23 May 2019). It will apply to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018. The ‘carrot’ currently on the table is that employers who voluntarily […]

Personal Income Tax Cuts Passed

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 […]

2018 Superannuation – Contributions

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 […]

Big changes proposed to eligibility for the CGT SBCs

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 […]

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