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
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
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
Changes to the ‘backpacker tax’ From 1 January 2017, tax rates changed for working holiday makers who are in Australia on a 417 or 462 visa (these rates are known
Survey for SMSFs using LRBAs The ATO has announced that it will be contacting some SMSF trustees in November 2016 to participate in a survey about the use of ‘limited
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
September 2016 Pre-retirees: Avoid ‘too good to be true’ tax schemes The ATO has launched a new project called ‘Super Scheme Smart’, an initiative aimed at educating individuals about the
July 2016 ATO focuses on rental property owners With Tax Time 2016 just around the corner, the ATO has stated it will be paying close attention to excessive interest expense
June 2016 2016/17 Federal Budget The government handed down the 2016/17 Federal Budget on Tuesday 3rd May. It included (among many changes) proposed personal income and company tax cuts from
April 2016 ATO reminder – What’s new for small business? Editor: The ATO has issued a timely reminder before the end of the financial year on the changes announced in
