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Repair Levy (TBRL), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017.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 [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
Editor: Since 1 July 2016, where a foreign resident has disposed of taxable Australian real property (i.e., real estate located in Australia) or certain indirect taxable Australian real property interest, the purchaser has had to withhold 10% of the purchase price upon settlement and remit this amount to the ATO, where the market value of [...]
Ahead of the end of the financial year, the Australian Tax Office have released a list of deductions you probably shouldn’t claim. Biggest issue? People claiming $300 of 'miscellaneous work expenses'; the maximum you can claim before needing to provide receipts. Yes in theory, you can claim for anything that you spend for your work [...]
Did you find yourself struggling the get all your receipts and invoices in order for your tax return this year? Make sure you don't make that same mistake again buy downloading this handy tool - myDeductions. Benefits of using myDeductions: it's a fast, easy way to capture information on the go it keeps your deductions [...]
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 [...]
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 [...]
Simple tax calculator This calculator will help you to calculate the tax you owe on your taxable income for the previous four income years. Which rates apply? The income tax rates will depend on the income year you select and your residency status for income tax purposes during that income year. Non-residents are taxed at a higher rate [...]
