The Federal Budget 2018: What you need to know.

The Federal Budget 2018: What you need to know.

  • Personal income tax cuts for low to middle income earners. From July this year, the 32.5% tax bracket will be lifted to $90,000 from $87,000.
  • A new tax offset of $530 a year, paid as a lump sum. Those earning between $48,000 and $90,000 will get the full benefit of the offset.
  • The Tax system has been simplified so that 94% of taxpayers pay no more than 32.5 cents in the dollar in 2024–25.
  • The budget is forecast to return to a modest surplus of $2.2 billion, in 2019-20.
  • A ban has been set on exit fees on superannuation accounts when changing funds.
  • Instant asset write-offs have been extended (to June 30, 2019) for businesses with a turnover of $10 million or less for purchases up to $20,000.

For a more detailed budget overview click here

ATO Cracks down on FBT Lodgements

ATO Cracks down on FBT Lodgements

When it comes to fringe benefits tax (FBT), a simple mistake or omission can attract the ATO’s attention. Small businesses are encouraged to be mindful of focus areas that provide clarity in their reporting obligations and entitlements to avoid penalties from the statutory agency.

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