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Personal income tax rates for the 2017/18 income year

Personal Income Tax Rates - Changes for 2017/18 The 2% Temporary Budget Repair Levy (TBRL), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017. Accordingly, with the benefit of the removal of the TBRL, from 1 July 2017, individual resident taxpayers [...]

Simpler BAS Coming Soon

The ATO is reducing the amount of information needed to be included in the business activity statement, to simplify GST reporting. From 1 July 2017, ‘Simpler BAS’ will be the default GST reporting method for small businesses with a GST turnover of less than $10 million. They will only need to report: G1 – Total [...]

Taking action against unregistered service providers

Editor: It is pleasing to see the Tax Practitioners Board (TPB) takes the matter of unregistered service providers very seriously. The TPB advises that its unregistered service provider project has promoted the importance of complying with the registration requirements under the Tax Agent Services Act 2009 (TASA) and helped to create a level playing field [...]

GIC and SIC Rates for the 2017 September Quarter

The ATO has published the 2017 September quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC): GIC Annual Rate 8.73% GIC Daily Rate 0.02391781% SIC Annual Rate 4.73% SIC Daily Rate 0.01295890%   Ref: ATO website – GIC and SIC rates Editor: the rate for that period for the interest [...]

SBE Immediate Deductions Threshold

With the passing of the Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2017, the ability for Small Business Entity (SBE) taxpayers to claim an outright deduction for depreciating assets costing less than $20,000 has been extended until 30 June 2018. Prior to the passage of this legislation, the outright deduction threshold for [...]

Technical Superannuation Changes

Technical Superannuation Changes Treasury Law Amendment (2017 Measures No.2) Bill 2017 makes various technical superannuation changes in relation to the Government’s package of changes to superannuation, which generally take effect from 1 July 2017. One of the technical amendments included in this Bill relates to Limited Recourse Borrowing Arrangement (‘LRBAs’) entered on or after 1 [...]

Preparing for Tax Time 2017

The ATO advises that it will start full processing of 2017 income year tax returns on 7 July 2017, and that it expects to start paying refunds from 18 July 2017. They aim to finalise the majority of electronically-lodged returns within 12 business days of receipt. The ATO warns longer than standard processing times can [...]

Overview of key tax return charges for 2017

Key changes and measures to be aware of when completing clients’ 2017 returns include (among others): Working holiday makers tax rate. From 1 January 2017, working holiday makers on a 417 or 462 visa must pay 15% tax on working holiday income up to $37,000. Norfolk Island tax. From 1 July 2016, Norfolk Island residents [...]

Increases in low-income thresholds for the Medicare Levy

Changes made by the Treasury Laws Amendment (Medicare Levy and Medicare Surcharge) Bill 2017 have increased the following thresholds, in line with movements in the consumer price index (CPI): The Medicare levy low-income thresholds for individuals and families (along with the dependent child/student component of the family threshold). In particular, the low-income threshold for individuals [...]

What You Need To Know About The Tax-Free Threshold

If you are an Australian resident taxpayer, the first $18,200 of income which you receive is tax-free. This is called the tax-free threshold. If your taxable income I less than $18,200, you won’t pay tax. You will however, pay tax on any amount over $18,200. The $18,200 tax-free threshold equates to: $350 a week $700 [...]

Individual Income Tax Rates

Residents These rates apply to individuals who are Australian residents for tax purposes. Tax rates 2016–17 The following rates for 2016–17 apply from 1 July 2016. Taxable income Tax on this income 0 – $18,200 Nil $18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $87,000 $3,572 plus 32.5c for each $1 over $37,000 [...]