Epoch News

$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...

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...

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...

The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate. If you are a foreign resident living in Australia or an Australian working overseas who owns residential property in Australia, this reform...

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,...

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...

From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home. At the other end of the spectrum downsizers will be able to contribute proceeds from the sale of their home to super without many of the normal restrictions....

Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018. For employers Employers with 20 or more employees at 1 April 2018 must use standard...

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact.   In Australia, tax deductions are available for expenses incurred in producing assessable...

PayID was launched in February this year as part of what’s known as the New Payments Platform. The service is being offered by most banks and allows for virtually instantaneous payments using mobile numbers or emails rather than traditional account details. Earlier...