Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022

In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax through the non-refundable low and middle income tax offset (LMITO).

PAYG withholding: new penalties for non-compliance

002 PAYGWithholdingPenaltiesCombating the black economy has been a key priority of the government in recent years. To reduce business activity that takes place “under the radar” of the tax system, new laws commencing on 1 July 2019 will prevent businesses from claiming deductions for payments

Labor’s election policies: Part 2

Labor’s election policies: Part 2Part 1 of Labor’s election policies examined the potential introduction of a cap for deduction for the use of accountants and the introduction of a minimum 30% tax rate on distributions from family trusts. Both of these measures will affect a wide range of taxpayers, including individuals and small businesses.

Labor’s election policies: Part 1

Labor’s election policies: Part 1With the next Federal election looming on the horizon, now is the time to look at the tax policies that are likely to be introduced by a Labor government to ensure you get on the front foot with any potential changes that could be coming.

Deemed dividends: changes are coming

Deemed dividends: changes are comingDiv 7A or deemed dividend payments may be familiar to you if you’re the shareholder or associate of a private company. It generally applies to treat a benefit provided by a private company to the shareholder or associate as a deemed dividend, which is then taxed at the recipients’ marginal tax rates.


FBT on Christmas parties and gifts

FBT on Christmas parties and giftsWith Christmas fast approaching, the ATO has reminded employers and business owners about the potential FBT implications of providing office Christmas parties and gifts to employees. Whether or not the party or the gift attracts FBT depends on a number of factors including how much it cost, where the party is held, or the type of gift that is given.