Budget reminders

Here is just a small list of budget reminders. From 1 July 2017, the ‘rich’ are off the hook from the temporary budget repair levy being removed for taxpayers with a taxable income of greater than $180,000.

The small business instant asset write off for assets costing less than $20,000 has been extended to 30 June 2018.  Remember also the small business turnover threshold in the 2018 financial year is $10M.

BAS are getting easier, from July 1 small business entities only need to report G1 (sales), 1A (GST collected) and 1B (GST Paid).

All vendors in real estate sales where the price exceeds $750,000 must get a clearance certificate from the purchaser or withhold 12.5% of the sale proceeds.

In a great change, individuals (well most under 75) can claim a deduction for personal super contributions without needing to pass the 10% test.  The ‘10% test’ in the past largely meant only self-employed individuals could claim personal super contributions.

Finally in a not so great change, concessional contribution caps have been reduced to $25,000 and are no longer age based.

For more information about the budget or if you have any questions, please feel free to contact us.