Proposed tax cuts 2019.

The government’s proposed tax cuts have now be tabled for introduction into the Senate. Stage one of the tax cuts will double the end-of-year rebate for low and middle-income earners, from $530 to $1,080. Low and middle-income earners for the 2019 financial year are taxpayers earning up to $126,000 a year. If your 2019 tax […]

ATO Deduction Warning!

The Australian Tax Office has sounded a warning that it will be taking a closer focus on work related deductions this year, particularly clothing and motor vehicle expenses. We urge that all clothing and motor vehicle expenses for the 2019 financial year are full substantiated. Proof or purchase will need to be kept in case […]

Super balanced under $6,000 may be forfeited to ATO.

Earlier this year, the government passed its Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018, which was aimed at reducing the erosion of superannuation balances and inappropriate insurance arrangements. The new changes mean that superannuation accounts with balances below $6,000 that have not received a contribution for 16 months will be transferred over to the ATO. […]

Taxpayers cautioned against lodging early this year

With businesses now reporting through Single Touch Payroll, employees will no longer receive an end-of-year payment summary from their employer, and will instead receive an income statement that can be accessed through their myGov account or their tax agent. Employers will have until 31 July 2019 to finalise their Single Touch Payroll data in the […]