Hot Issues
spacer
Small businesses may ‘collapse under strain of payday super’, IPA warns
spacer
ATO’s hands tied with scrapping on-hold debts, expert says
spacer
What Drives Your Business Growth and Profits?
spacer
Australian Taxation Office (ATO) shifting to firmer debt collection activity
spacer
Why employee v contractor comes down to fine print
spacer
Sharing economy reporting regime for platform operators
spacer
Countries producing the most solar power by gigawatt hours
spacer
Illegal access nets $637 million
spacer
Accessing superannuation benefits.
spacer
Does your business have a company Power of Attorney?
spacer
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
spacer
GrantConnect
spacer
2 in 3 SMEs benefit from instant asset write-off, survey reveals
spacer
Updated guidance on R&D claims
spacer
Do you know how to recover debts?
spacer
Wheat Production by Country
spacer
Types of small business benchmarks
spacer
What is a Commercial Lease?
spacer
ATO warns advisers against suspect R&D tax claims
spacer
The year of workplace law upheaval
spacer
How to Resolve Invoice Payment Disputes
spacer
Raft of revenue tweaks in MYEFO to raise millions
spacer
The Countries that Export the Most Wine in the World
Article archive
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
spacer
Quarter 3 July - September 2022
spacer
Quarter 2 April - June 2022
spacer
Quarter 1 January - March 2022
spacer
Quarter 4 October - December 2021
spacer
Quarter 3 July - September 2021
spacer
Quarter 2 April - June 2021
spacer
Quarter 1 January - March 2021
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 2 of, 2019 archive
spacer
ATO clears up FAQs about Single Touch Payroll
spacer
GST reporting: common errors and how to correct them
spacer
LRBAs, guarantees in need of review after property market falls
spacer
Victorian Property Valuation Cycle
spacer
Australia - toward EOFY 2019
spacer
Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
spacer
Biggest personal tax cuts in a decade a priority for Government
spacer
Government rules out GST changes following ATO report
spacer
ATO issues warning after ‘unprecedented’ spike in impersonation scams
spacer
Crypto transactions in ATO sights with new data-matching program
spacer
Government to establish $2 billion fund for small business lending
spacer
Small business corporate tax rates Bill is now law
spacer
ATO to double rental deduction audits to 4,500
spacer
ATO set to issue excess super contribution determinations
spacer
How's Australia going as we approach the election?
spacer
Single Touch Payroll (STP) is compulsory for all small businesses.
spacer
Federal Budget 2019 - Overview
spacer
How the 2019 Federal Budget affects you
spacer
FBT Reminder – Odometer Reading
spacer
‘Big awareness push’ underway as STP deadline approaches
spacer
GST collection on overseas goods at 300% of forecasts
spacer
The problem with getting to 53 years of age.
spacer
Lost Beneficiaries
spacer
New quarterly STP reporting method for closely held payees revealed
spacer
Some Australian figures to help on Budget night.
spacer
Employers hit with rolling SG audits as ATO toughens stance
Biggest personal tax cuts in a decade a priority for Government

Prime Minister Scott Morrison has signalled that getting his tax changes through parliament will be a top priority for his re-elected government.

      

 

As per Treasurer Josh Frydenberg’s announcement in the April federal budget, the Liberal Party plans on introducing the biggest round of income tax cuts since the era of John Howard and Peter Costello.

Headline tax measures from the Liberal Party include:

  • From 1 July 2018, the federal government increased the top threshold of the 32.5 per cent tax bracket from $87,000 to $90,000.
     
  • From 1 July 2022, the top threshold of the 32.5 per cent tax bracket will be increased from $90,000 to $120,000.
     
  • From 1 July 2024, the government will increase the top threshold of the 32.5 per cent tax bracket from $120,000 to $200,000, removing the 37 per cent tax bracket completely.
     
  • From this tax time, those earning up to $126,000 per year would get $1,080 back at tax time. That plan also promised to flatten tax brackets by 2024 so all taxpayers earning between $45,000 and $200,000 would have their tax rate reduced to 30 per cent.

However, as per the continual calls of the tax profession, firms like BDO are calling on the Prime Minister to not confuse tax cuts with tax reform.

“Changes to tax rates should not, on their own, be seen as tax reform,” said BDO tax partner Mark Molesworth.

“The government needs to look at reigniting the debate on holistic tax reform for all taxes in both the federal and state tax systems.”

 

Katarina Taurian
20 May 2019
accountantsdaily.com.au

 

site By AcctWeb