It's Tax Season!
But shouldn't you be thinking about tax all the time?
The saying we have in the Watersedge HQ is that we aim to work smarter, not harder. That's the same for you and your business. We believe that you can start your plan for next tax season today.
In this month's news: what's changing on July 1? Plus your essential EOFY checklist!
Just a few of the major changes occurring this EOFY!
Personal tax bracket changes - The top threshold of 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 way GST is collected on sales of newly constructed residential properties or new
subdivisions will change from 1 July.
The $20k instant asset write-off for small business has been extended until 30 June 2019.
GST on low value goods – GST will apply to overseas sales of goods supplied to Australian consumers with a value under $1,000.
GST on property developments and residential subdivisions.
The Government has announced that the maximum number of members an SMSF can have will increase from four to six. At present, under section 17A of the SIS Act, to meet the definition of an SMSF the fund must have 4 members or less. There is a long way to go before this change becomes law. We’ll bring you more details as they arise.