The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward 5 years. Companies with an aggregated turnover of less than 50million will have a tax rate of 25% in the 2022 income year ( instead of the 2027 income year based on the previously legislated timeline. Similarly, […]
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 […]
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 […]
