Budget 2018/19: Greater ATO Funding
The Coalition will provide the ATO an extra $450 mil to combat tax cheating. Greater ATO funding basically means more audits and compliance checks. The focus seems to be on:– Contractors that should be employees–
Budget 2018/19: New ABN Framework
The Coalition will look at our current ABN framework and re-design it if need be to better suit current tax laws and values. No doubt in the gun are contractors who are able to obtain
Budget 2018/19: No Tax Deduction for Payments to Contractors (II)
The Coalition will look to deny tax deductions to businesses that make payments to contractors without an ABN. Basically if they aren’t paid as wages (and reported to the ATO), and not as a contractor
Budget 2018/19: No Tax Deduction for Payments to Contractors
The Coalition will look to deny tax deductions to businesses that pay workers as contractors, when in a legal sense that worker should be an employee. Take a small construction company with 5 workers all
Budget 2018/19: Personal Tax Cuts
The Coalition will look to introduce personal tax cuts in 3 stages: (Now) Increase the 32.5% upper threshold to $90k, and introduce a new tax offset for those on low & middle incomes (2022) Increase
Budget 2018/19: Greater Requirements on Personal Super Deductions
The Coalition will add further integrity checks to the deductibility of personal superannuation contributions. Last year a change was made to allow anyone to claim a tax deduction for personal superannuation contributions. When you claim
Budget 2018/19: Relaxed Audit Requirements for SMSF’s
The Coalition will reduce the audit requirements for SMSF’s from every year to once every 3 years (for those with good compliance history). It’s a win for SMSF’s!! We await the detail on this, and
Budget 2018/19: No Change to Medicare Levy
The Coalition will scrap the current planned increase to the Medicare Levy (will remain at 2%). This is a win for all taxpayers. This will represent a saving of $300 per year for someone earning
Budget 2018/19: Instant Asset W/O Extended
The Coalition will extend for a further year the $20k immediate tax deduction available to small businesses (defined as those with a turnover less than $10 mil) on asset purchases. It was scheduled to end
