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Potential Changes To Negative Gearing And CGT
Posted inTaxation
If Labor move into government in the forthcoming election, they have signaled their desire to limit negative gearing to new housing and reduce the CGT discount from a potential 50% to 25%. The date of commencement of these changes will be from 1 January 2020. Shadow Treasurer Chris Bowen signaled that all investments made prior to 1 January 2020 will be grandfathered from the new rules, as will the halving of the CGT discount...
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Labor Pushing For Trust Tax Reform
Posted inBusiness Planning, Taxation
A while ago Bill Shorten proposed the implementation of a 30% tax on distributions from discretionary trusts to beneficiaries who are over 18 years of age. RMIT University recently released a report which seemed to show that tax avoidance was a big issue with trusts. Shadow Treasurer Chris Bowen jumped on this to imply that tax loopholes, of which splitting income with trust beneficiaries was one, were costing the budget “billions of dollars.” It...
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Single Touch Payroll
Posted inBusiness Planning, Taxation
Employers with 20 or more employees gradually started using Single Touch Payroll (STP) from 1 July 2018, however if passed by Parliament employers with less than 20 staff will be require reporting through STP from 1 July 2019. Single Touch Payroll is a way of sending tax and super information directly to the ATO every time an employee is paid. Eventually the idea is that businesses will no longer need to provide employees with...
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$20,000 Instant Asset Write-Off
Posted inTaxation
With the government recently extending the $20,000 instant asset write-off to 30 June 2019, eligible small businesses now have just over 5 months to work out whether it’s beneficial to bring forward asset purchases in order to take advantage of the immediate deduction on offer. Small businesses with a turnover of less than $10 million are eligible, so long as the asset is first used or installed ready for use by the 30 June...
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TPRS Extended To 3 More Industries
Posted inTaxation
Those in the building and construction industry have been reporting contractor payment information to the ATO since 2012, with those in the cleaning and courier industries from 1 July 2018. However, in the May 2018 budget the government announced its plan to extend this reporting to three more industries from 1 July 2019, namely the road freight, IT and security, investigation or surveillance services industries. The Bill has now been enacted so from 1...
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