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 →
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 →
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 →
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 →
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 →
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 →
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.
As most people are now aware, Uber drivers need to register for GST by the time they complete their first drive. What many are unaware of however is that the GST registration applies to any other businesses that they run as a sole trader. Take the example of someone who has a micro business that turns over less than $75,000….read more →
While there is no separate “Christmas Party Fringe Benefits Tax (FBT)”, fringe benefits provided by you, an associate, or under an arrangement with a third party to any current employees, past and future employees and their associates (spouses and children), may attract FBT. Exempt benefits – minor benefits The provision of a Christmas party to an employee may be a…read more →
Here are our top tips for planning prior to 30 June: Accelerate deductions For businesses, if your cashflow is good, make the purchases you need before the end of the financial year to claim the deduction, particularly those with turnover under $10 million. For individuals, it’s a good time for charitable giving. Delay income – One off opportunity for high-income…read more →