Personal Income Tax Cuts

Changes to the individual income tax rates will commence from 1 July 2018 in multiple stages. The changes originate from the 2018 federal budget. The first phase is to introduce a low and middle income tax offset. The second and third phase will introduce progressive tax cuts over the next seven income tax years. Included […]

Low and middle income tax offset

A low and middle income tax offset (LAMITO) will be introduced from 1 July 2018. The offset will run in conjunction with the low income tax offset as a targeted reduction of income tax for Australian residents. The LAMITO will provide an additional offset of up to $200 for individuals on a taxable income of […]

ATO website updates — June 26, 2018

  • Latest news on tax law and policy — Details of proposed changes to tax and superannuation legislation and policy and how the ATO proposes to administer the changes. • Personal Income Tax Plan — The Personal Income Tax Plan was announced in the 2018/19 budget with changes to apply from the 2018/19, 2022/23 and 2024/25 income years. […]

Super guarantee opt-out coming for high earners

High earning individuals will have an option to opt-out of receiving certain superannuation guarantee amounts from 1 July 2018. Under the proposed legislation, employees earning over $263,157 with multiple employers will be allowed to receive additional cash from the second employer. This additional cash received in lieu of superannuation guarantee will prevent an inadvertent breach […]

ATO Website Updates — Income Tax Return; Super Contributions; Super Processing; Update Details

Here is the latest ATO update as of June 19, 2018. • Income tax return — How to lodge the annual income tax return for businesses depends on the type of business entity. • Super contributions — too much can mean extra tax — There are caps on the amount taxpayers can contribute to their superannuation each financial year […]

NSW Government Announces Payroll Tax Cuts

The NSW Treasurer, Dominic Perrottet, has announced that the payroll tax threshold will be increased from the current level of $750,000 to $1m by 2021/22, ahead of its Budget on 19 June 2018. The threshold, the point at which companies start paying payroll tax, will rise to $850,000 in 2018/19, $900,000 in 2019/20, $950,000 in 2020/21 and […]

ATO website updates — Tax Time 2018

  • Clothing put through the wringer this tax time — The ATO is focusing on work-related clothing and laundry expenses this tax time and will closely examine taxpayers’ clothing claims. • Work-related clothing and laundry expenses media grabs — The ATO has announced that it will be closely examining claims for work-related clothing and laundry expenses and has […]