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Key Dates for July 2017 to December 2017

Key Dates  to Remember As some dates may vary, please ensure you contact the Australian Taxation Office to check any dates in question. When the due date for lodgment or payment falls on a Saturday, Sunday, or public holiday, it may be done on the next business day. 14 July 2017 Employers must issue PAYG Withholding […]

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YOUR MONEY MATTERS – AUGUST 2017

ATO warning regarding work-related expense claims for 2017 The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years.  While this increase isn’t a sign that all of these […]

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Your Money Matters – July 2017

Removal of the Temporary Budget Repair Levy from the 2017/18 income year The 2% Temporary Budget Repair Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017. Up until 30 June 2017, including the TBRL and the Medicare Levy, […]

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Your Money Matters – June 2017

Budget Update The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes (among 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 […]

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Your Money Matters May 2017

Company tax cuts pass the Senate with amendments Editor: After a marathon few days of extended sittings (the last before the Federal Budget in May), the Government finally managed to get its company tax cuts through the Senate, but it was not without compromise. The following outlines the final changes to the law, as passed […]

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Your Money Matters – October 2016

Government ‘backflip’ on superannuation changes Following further consultation, the government has announced the following ‘improvements’ to the superannuation changes announced in the 2016/17 Budget: the $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year;  individuals with a […]

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