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Epoch News

What’s changing on 1 July 2018?

Individuals Personal tax bracket changes- The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333....

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One-off Super Guarantee Amnesty

Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month. The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running...

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Federal Budget 2018: Superannuation

Many of the reforms in superannuation impact on administration of funds, particularly large APRA funds. 3-year cycle for SMSF audits Date of effect 1 July 2019 SMSFs with a history of good record‑keeping and compliance – that is, three consecutive years of clear audit...

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Federal Budget 2018: Business

$20k Accelerated Depreciation Extended Date of effect current until 30 June 2019 The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended until 30 June 2019. From 1 July 2019, the immediate...

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Federal Budget 2018: Individuals and Families

Personal income tax cuts The anticipated personal income tax cuts will be delivered as part of a seven year plan culminating in the removal of one tax bracket from 1 July 2024.  The Government states that the end result will be that around 94% of taxpayers will be...

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Special edition: Federal Budget 2018

Reward for work is a dominant theme in this year’s Budget. The seven year personal income tax plan initially targets low to middle income earners before making significant changes to the tax brackets. Innovation continues to be the Government’s mantra with the medical...

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Labor’s GST promise on tampons

The Labor Party has taken a pre-election strike by promising to remove the GST on tampons if they are elected. At present, tampons and other sanitary products, like razors for shaving and nappies, are considered consumables and GST applies. Incontinence pads however,...

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Tax stats reveal the state of the Australian community

Every year, the Australian Taxation Office (ATO) compiles the tax data they collect. The recently released 2015-16 ‘tax stats’ encapsulate the data from 16 million income tax returns lodged for the 2016 income year for 13.5 million individuals, 940,000 companies, as...

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