partners for life
Taxation
Personal income tax rates for Australian residents (2018-2019)
August 2nd, 2018There were some changes to personal income tax rates and thresholds in the 2018-2019 Federal Budget compared to 2017-2018. Notably, the old $87,000 tax threshold has been increased to $90,000; while the amount of tax on incomes for the highest two brackets have changed slightly. See the personal income tax rate tables below. [table id=4read more
Payment Summary Changes under STP
July 19th, 2018As we’ve covered a few times over the past year, Single Touch Payroll (STP) is well and truly upon us. For employers with 20 or more employees as at 1 April 2018, STP must be implemented; while employers with 19 or fewer employees at 1 April 2018 can opt in at any time between nowread more
McKinley Plowman’s Top Tax Time Tips
July 3rd, 2018Tax time is upon us! While this isn’t necessarily a time of year most people get excited about, something that motivates most people is a potential tax refund. Even in situations where you might not be eligible for a refund, legally reducing your taxable income to minimise your tax liability is always a bonus. Nowread more
Super Guarantee Amnesty – What does it mean for your business?
June 18th, 2018Do you think you may have outstanding Superannuation contributions owing on behalf of your employees? If so, read on – you may well have a chance to rectify the issues whilst avoiding late payment penalties. What are the details? The Australian Taxation Office (ATO) has estimated that $2.85 billion is currently owed in late orread more
Subdividing and Building on the Family Property – What are the CGT Implications?
May 28th, 2018Have you ever thought about subdividing your family property, rather than buying another piece of land to do the same? Make sure you’re aware of all of the Capital Gains Tax (CGT) implications of taking this route. CGT can already be a complex area for the uninitiated, and this is certainly no different when itread more
Claiming Work-Related Car Expenses
May 14th, 2018Have you ever claimed work-related car expenses? The Australian Taxation Office (ATO) is increasingly concerned about taxpayers making false claims, whether inadvertent or deliberate, and will be focusing on it closely. According to the ATO, around 3.5 million made work-related car expense claims last year, totalling around $8.8 billion. As this is such a highread more
Franchising – What are your Tax Obligations?
April 30th, 2018Are you thinking about taking on a franchise? Many Australians become franchisees of large companies to leverage existing brand power and customers, whilst also giving themselves the opportunity to run their own small business. As attractive as this type of business setup might look, it is crucial to understand all the related tax obligations, feesread more
Fringe Benefits Tax – Year-End Roundup
March 16th, 2018March 31st is right around the corner – and therefore so is the Fringe Benefits Tax (FBT) year-end date. With that in mind, it is worth a quick look into a few key points regarding FBT, particularly what can attract it, as well as the application of salary sacrifice. Note this article explores some ofread more
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