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Federal Budget Update

Federal Budget Update

The Federal Budget 2019/20 announced on 2 April 2019 has been described as a prelude to the ballot box. The Budget targets an underlying cash surplus of $7.1 billion in 2019/20. This follows an estimated deficit of just $4.2 billion in 2018/19. The Budget also sets out a surplus for the forward period including: An $11 billion surplus in 2020/21;…read more →

Federal Budget initiatives for Individuals

Federal Budget initiatives for Individuals

Personal Tax Cuts The Budget celebrated the surplus with a $19.5 billion package of personal income tax cuts for Australian residents. (Note: This package revises the legislated seven year income tax plan). The personal tax changes result in a tax saving of $855 for someone on an annual taxable income of $45,000 per annum until 2022, then $1,080 until 2024…read more →

What is changing on 1 July 2018?

What is changing on 1 July 2018?

Individuals Personal tax bracket changes – The threshold for the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and residential subdivisions – The manner in which GST is collected on sales…read more →

Year-end tax planning tips

Year-end tax planning tips

The end of the financial year is fast approaching. We have therefore compiled a list of our top tips to assist with your end of financial year planning. Donate – If you are going to donate to charity, now is the time. Any donations of over $2 that you make to deductible gift recipients can be deducted this year. Remember,…read more →

Tax cut from 1 July?

Tax cut from 1 July?

1 July 2018 is the start date for the seven year income tax plan announced in the recent 2018-19 Federal Budget. The seven year plan benefits low and middle income earners in the first few years before expanding out to a broader restructure of the tax rates and brackets for everyone. From 2018-19, the top threshold of the 32.5% personal…read more →

Federal Budget Update

Federal Budget Update

Reward for work was the dominant theme in the 2018-19 Federal 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 an area of Government focus, including dedicating a total of $1.3 billion to fund genomic research projects investigating medicines that can be…read more →

ACNC receives additional funding in 2018-19 Federal Budget

ACNC receives additional funding in 2018-19 Federal Budget

On 8 May 2018, the Federal Treasurer, the Hon Scott Morrison MP delivered the 2018-19 Budget. When the Federal Treasurer, the Hon Scott Morrison MP delivered the 2018-19 Budget on 8 May 2018, the Australian Charities and Not-for-profits Commission (ACNC) received a budget for the completion of the core business of charity regulation. In addition, the ACNC also received $2.038…read more →

Are you ready for Single Touch Payroll?

Are you ready for Single Touch Payroll?

Single Touch Payroll represents a reporting change, commencing from 1 July 2018 for employers with 20 or more employees. Employers will be required to report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees. Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019….read more →

Season’s Greetings

Season’s Greetings

The Team at Steven J Miller & Co takes this opportunity to wish you all a wonderful Festive Season. We have enjoyed working with you in 2017, and look forward to a happy and prosperous 2018.

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