We are pleased to publish the March 2019 edition of Client Alert, which contains information on a number of important taxation developments up to and including 15 February 2019:
WHAT AN OPPORTUNITY! DON’T MISS OUT!
Since 1 July 2018 it is possible for eligible persons 65 years old or older to make a special “downsizer contribution” into their superannuation fund of up to $300,000!
A “downsizer contribution” can be a fantastic opportunity, when you sell your home, to top-up your superannuation and benefit from tax-free earnings. And you don’t even need to “downsize”.
Alternatively, the downsizer contribution can be an opportunity to reduce ‘death tax’ – tax that may be payable by your loved ones who receive money from your left over superannuation. If you’re unsure about this, give us a call.
So, if you have recently sold your home or are considering selling your home, read more about this fabulous opportunity here.
- Single Touch Payroll reporting for small businesses: get ready! - Legislation has recently passed to bring in STP reporting for all small employers from 1 July 2019. Read more about STP here.
- Super guarantee compliance: time to take action - The government’s latest initiatives targeting non-compliance with SG obligations give businesses plenty to think about.
- Proposed increase for small business instant asset write-off - Prime Minister Scott Morrison recently announced the intention to increase the instant asset write-off for small businesses from $20,000 to $25,000.
- ATO warns about new scams in 2019 - While the ATO regularly contacts people by phone, email and SMS, there are some tell-tale signs that you’re being contacted by someone who isn’t with the ATO.
- ATO refers overdue lodgments to external collection agencies - External collection agencies will focus on income tax and activity statement lodgments.
- Government consultation on sharing economy reporting - The ATO and other government agencies currently have limited information about the income of “gig workers” in the sharing economy.
- Extra 44,000 taxpayers face Div 293 superannuation tax - Individuals with income and super contributions above $250,000 are subject to an additional 15% tax on their concessional contributions.
- Company losses “similar business test” Bill passes - A more relaxed “similar business test” will be available to work out whether a former company's tax losses and net capital losses can be used as a tax deduction for a new business.
Client Alert is available to download here.
Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.