March 2019 Munro’s Newsletter

| Accounting

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.

Like What You See?

Sign up to our monthly insights for practical tips and articles to help you on your journey to financial freedom.