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2017-18 Tax rates and thresholds guide


2017 Federal Budget Update

The Budget announcements contain tax and superannuation measures aimed at increasing housing stock and improving affordability.

Newsletters

October 2017

  • What the proposed housing-based super contribution initiatives offer.
  • Considering ride-sharing for income? Tips and traps.
  • High income earners:  Beware Division 293!
  • Immediate deductions for start-up costs.
  • Small business car parking FBT exemption

September 2017

  • Look before you leap:  the small business CGT concessions.
  • Treasury amends LRBA requirements for Self Managed Super Funds - again.
  • Are those investment returns on revenue or capital account?
  • Do you need to lodge your tax return early?
  • Self Managed Super Fund stats just keep getting better.

August 2017

  • Travel allowances and the proper use of the exception to substantiate claims.
  • Child death benefit recipients and the transfer balance cap.
  • Tax eduction specifically for Self Managed Superannuation Funds.
  • Deductions for finance on a rental property.
  • Life policy bonuses and tax.

July 2017

  • ATO waves a red flag on deductions for holiday rentals.
  • Streaming trust capital gains and franked distributions: an overview 
  • Be prepared.  What can you bring to your tax return appointment.
  • Deduction tip: Can you claim the cost of travelling to this office?

Instant  Asset Write-Off 
If you are a small business (with a turnover of less than $10 million) contemplating buying machinery or equipment, be aware that this is the final year of the $20 000 instant asset write-off.
 
Small businesses may wish to consider bringing forward any planned asset investments to the current financial year – particularly in this current low interest-rate environment.

OTHER IMPORTANT INFORMATION:

If you employ staff then you will probably have to change the way you make their super contributions from 1 July 2015. From July 2015, ALL Employers irrespective of size will have to apply the mandatory data standards for their staff super contributions. This might mean upgrading your payroll systems, outsourcing your payroll function, or using a commercial clearing house. To find exactly out what this means for you and what you have to do to comply with the new rules please read the following article:   From July 2015 ALL EMPLOYERS MUST USE Mandatory data Standards for their Staff Super Contributions.

As always, please feel free to give us a call on (07) 54391600 to have a chat.