Changes to the small business instant asset write-off On 29 January 2019, the Prime Minister announced that legislation will be introduced to: * extend the small business instant asset write-off by 12 months to 30 June 2020; and * increase the write-off threshold from less than $20,000 to less than $25,000 (effective…
If you are eligible and want to claim a tax deduction for your personal super contributions, you must first notify your super fund of your intention to claim a tax-deduction. Your Super Fund would have recently written to you, advising you that you have personal super contributions that may be claimed. They would also have…
2018 Budget Update The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018. Some of the important proposals include: * The introduction of the ‘Low and Middle Income Tax Offset’, a temporary non-refundable tax offset of up to $530 p.a. to Australian resident low and middle income taxpayers for the…
Budget Update The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes (amongst several other changes) to increase the Medicare Levy by 0.5% to 2.5% from 1 July 2019 (and tax and withholding rates that are linked to the highest marginal income tax (e.g., FBT) will also increase from…
Dear Client, Hereunder we detail key tax changes contained in the 2016/17 budget. Please contact our office should you wish to discuss any of the matters contained in this memo. SUPERANNUATION REFORM CHANGES EFFECTIVE BUDGET NIGHT 3/5/16 New $500,000 lifetime non-Concessional Contributions Cap Will take in all non-concessional contributions made…
Dear Client, Hereunder we detail key tax changes contained in the 2016/17 budget. Please contact our office should you wish to discuss any of the matters contained in this memo. SUPERANNUATION REFORM CHANGES EFFECTIVE BUDGET NIGHT 3/5/16 New $500,000 lifetime non-Concessional Contributions Cap Will take in all non-concessional contributions made…