• GST applies to digital products & services imported by consumers
• Small business $20k instant asset write-off extended until 30 June 2018
• Company tax rate reduction to 27.5% for entities with an aggregated turnover of less than $25m (companies with a turnover of less than $10m have been subject to this tax rate since 1 July 2016).
• Major Bank Levy introduced
• 2% temporary debt tax removed from high income earners
• Plant & equipment deductions limited for residential property investors (not yet legislated)
• Residential property investors no longer able to claim travel expenses (not yet legislated)
• First home saver scheme begins (not yet legislated)
Superannuation reforms come into effect:
• Cap on concessional contributions (before tax) reduces to $25,000 for everyone.
• Cap on non-concessional contributions (after tax) reduces to $100,000.
• $1.6 million transfer balance cap limits how much money a member can transfer into or hold in a tax-free pension account. Excess amounts are subject to a transfer balance tax.
• Threshold to access the tax offset for contributions to a spouse increased to $37,000 (partial offset available up to $40,000).
• Threshold for low income super tax offset increased to $37,000.
• The threshold at which high-income earners pay Division 293 tax on their concessionally taxed superannuation contributions reduced to $250,000 (from 300,000).
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
This article is reproduced with the permission of Knowledge Shop
Related Posts
25/06/2019
How to choose the right accounting software to manage payroll
Managing payroll is a tricky part of…
25/06/2019
Who does Australia’s 3% increase in the minimum wage apply to?
Australia’s Fair Work Commission Review…
25/06/2019
The ATO’s focus on tax deductions and their targets for 2019
Learn more about the ATO’s crackdown on…
03/06/2019
How to prioritise what areas of your business to invest in
It can be difficult to prioritise what…
03/06/2019
Why you should invest in a marketing strategy and how to decide on a budget
Investing in a clever marketing…
03/06/2019
How profitable should your business be and how to get there
The answer to the question of how…
09/05/2019
The best software and apps to streamline your bookkeeping
When introducing new technology to your…
23/04/2019
Time is running out – get your business STP-ready now!
From 1 July 2019, small businesses with…
26/03/2019
What are the Characteristics of a Successful Business Owner?
The characteristics of a successful…
09/08/2017
What Everyone Selling a Property Valued at $750K or More Needs to Know
Every vendor selling a property needs…
01/08/2017
Super Concessions for First Home Savers and Downsizers
Does superannuation offer an avenue to…
11/07/2017
Generational succession: Do your kids really want to take over your business?
Generational succession - handing your…
05/05/2017
Why 90,000 more businesses can access the 20k instant asset write off this year.
The popular $20,000 instant asset…
27/02/2017
Managing the debt drain – the critical issues for small business
February and March are traditionally…