SMSF Member Limit To Increase From Four To Six
The Budget confirmed that the maximum number of allowable members in new and existing self [...]
Reportable Payments System Extended: Security Providers, Road Freight Transport And Computer Design
The Government will extend the taxable payments reporting system (TPRS) to the following industries: security [...]
Cash Payments Limit: Payments Made To Businesses
The Government will introduce a limit of $10,000 for cash payments made to businesses for [...]
No Tax Deduction For Non-compliant PAYG And Contractor Payments
Measures will be enacted to ensure that taxpayers will not be able to claim deductions [...]
Deductions Disallowed For Holding Vacant Land
The Government will disallow deductions for expenses associated with holding vacant land. Where the land [...]
Partnerships: Enhancing Integrity Of Concessions
Partners that alienate their income by creating, assigning or otherwise dealing in rights to the [...]
Anti-avoidance Rules: Family Trust Circular Distributions
The Government will extend specific anti-avoidance rules that apply to other closely held trusts that [...]
$20,000 Instant Asset Write-off For SBEs Extended By 12 Months
The Government will extend the current instant asset write-off ($20,000 threshold) for small business entities [...]
Medicare Levy, 2017–2018 Tax Rates Unchanged
The Government had proposed to increase the Medicare levy from 2% to 2.5% from 1 [...]
Personal Tax Rates: Staged Seven-year Reform Plan Starting From 2018–2019
In the 2018–2019 Budget, the Government announced staged tax relief for low and middle income [...]