ATO website updates — July 05, 2018

• Energy and Resources Working Group minutes 22 March 2018 — Minutes from the Energy and Resources Working Group meeting held 22 March 2018. • Removing the capital gains discount at the trust level for Managed Investment Trusts and Attribution MITs — Details of the...

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...

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...

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...

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...