Tuesday 29 May 2018

SUPER GUARANTEE AMNESTY


The ATO proposed on 24 May 2018 an amnesty for employers to come forward and notify the ATO of short or unpaid superannuation guarantee relating to the period 1 July 1992 to 31 March 2018. To qualify for the amnesty you must fill in the approved ATO form and pay the outstanding amount or otherwise enter into a payment plan. Benefits to the employers of self reporting under the amnesty include:

  • No penalties on late payment of super
  • Removal of the $20 per person per quarter administration charge
  • Late superannuation becomes tax deductible again

The ATO will work with superannuation funds to ensure amounts paid under the amnesty do not cause employees to breach their concessional contribution caps where appropriate.

For more information on this proposed legislation please see:


Wednesday 23 May 2018

ARE YOU A YOUNG FARMER LOOKING TO PURCHASE YOUR FIRST FARM IN VICTORIA?


Check out the young farmer duty exemption or concession which is available via the State Revenue Office (SRO) of Victoria.

This concession allows a young farmer (aged under 35 years of age) to be able to access stamp duty on the purchase of their first farm subject to the eligibility criteria.

For more information please click on the link below:


https://www.sro.vic.gov.au/young-farmer-duty-exemption-or-concession


Please contact Chris Mercieca, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.   
   

Wednesday 16 May 2018

OVERSEAS ONLINE SHOPPER? YOU'LL SOON PAY GST!




From 1 July 2018 goods imported from overseas will generally be subject to GST.


Either via the website you purchase on or via customs at the Australian Border.


For more information please see the below link to the Australian Taxation Office Website.


Happy Shopping!





Wednesday 9 May 2018

2018 FEDERAL BUDGET




Scott Morrison has delivered the 2018 Federal Budget and some of the key measures announced were:



Crackdown on the Black Market Economy 

A new taskforce to be set up to target specific sectors identified as being high risk for large amounts of income being unreported. The government has also raised the notion of capping cash payments for businesses to a limit of $10,000 but more information is needed on how this will work in practice.


Pension Work Bonus 
An increase to the Pension Work Bonus threshold which allows the first $300 of fortnightly employment income to not count towards the Age Pension Income Test.

Small Business 
Extension of the $20,000 small business asset write off until 30 June 2019.

Tax Payers 
Planned increase to Medicare Levy to 2.5% from 1 July 2019 has been removed.   While personal income tax rate cuts with progressive application through to 2024 have been proposed.

SMSF’s
Change annual audit requirements for SMSF’s with good lodgement and compliance history to a three year audit cycle

Please contact our office to speak to one of our accountants if you would like to know how the budget will affect you. Langley McKimmie Chartered Accountants (03) 5427 8100.

We provide
accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.