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 →
The popular $20,000 instant asset write-off for small business entities, which enables small businesses to immediately write-off depreciable assets costing less than $20,000, is now accessible to 90,000 more businesses. Until recently, this instant write-off was only accessible to businesses with an aggregated turnover of less than $2 million, however following a last minute deal struck between the government and…read more →
The Treasurer handed down the Budget 2017/18 at 7.30pm on Tuesday 9 May 2017. In short, the Budget proposes a series of measures targeting gaps in healthcare, first home ownership, foreign workers, investments and bank accountability. It also delivers $75 billion in infrastructure projects. Key Budget measures include: Business Extension of the $20,000 immediate deduction until 30 June 2018; Contractors in…read more →
In November 2016, the Senate passed a series of the broad ranging superannuation reforms originally proposed in the Federal Budget. The Treasury Laws Amendment (Fair And Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 passed the Senate without amendment. Summary of the changes: Introduce a $1.6 million cap on the amount of capital that…read more →