Latest News

Hot Issues
spacer
Our Advent calendar for 2019
spacer
Tax Office sounds warning on 8 types of super schemes
spacer
Don’t forget sharing economy income
spacer
Impress your friends with your knowledge!!
spacer
Salary sacrificing and the superannuation guarantee
spacer
Why so much super “stuff” this year?
spacer
Reverse Mortgage?
spacer
How the gig economy could create hidden tax issues for contractors and employers
spacer
15,000 tip-offs as ATO black economy hotline rings hot
spacer
What happens when interest rates hit the floor?
spacer
Director Penalty Notices (DPN)
spacer
Synchronised global economic slowdown
spacer
STP to be increasingly monitored
spacer
6 new accounting related videos
spacer
GDP by country since 1800
spacer
Information needed to be the BBQ expert.
spacer
Employee or independent contractor: What happens when it goes wrong?
spacer
Single Touch Payroll (STP) reporting irregularities: ATO contacting businesses
spacer
Employee entitlements, ‘wage theft’ and Fair Work: Why it’s time to be proactive
spacer
How's Australia really doing - the real figures?
spacer
Pension deeming rates cut from 1 July 2019
spacer
Audit warning sounded as ATO clamps down on dodgy claims
spacer
New ATO data-matching program – overseas movement data and HELP debt
spacer
ATO black economy strike force heads to Brisbane
spacer
Access to more resources and tools than most websites.
spacer
Tax Return Mistakes
spacer
SMSF advice appetite strong, says ASIC
spacer
Taxpayers confused by Scott Morrison’s $1,080 tax refund
Article archive
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
Tax payers to receive beefed up tax returns.

Great news!! The Tax Office will now start processing beefed-up tax refunds after the government’s $158 billion tax cut plan was passed in full.

       

Read more on the Budget website.

The Treasury Laws Amendment (Tax Relief So Working Australians Keep More of Their Money) Bill secured passage in the Senate on Thursday, with stage one delivering a doubled end-of-year rebate for low and middle-income earners to $1,080, up from $530.

Stage two, for the 2022–23 and the 2023–24 income years, will see the first personal rate of income tax of 19 per cent raised to the $45,000 threshold, up from $41,000. The top threshold for the 32.5 per cent tax bracket will also be raised from $90,000 to $120,000.

The third stage, set for 2024–25 and later income years, will see flatter tax brackets, namely 19 per cent for those earning between $18,201 and $45,000, 30 per cent for incomes between $45,000 and $200,000 and 45 per cent as the highest rate for incomes above $200,000.

With the ATO set to start fully processing 2018–19 tax returns from today, clients eligible for the offset can expect to see the additional credits from 16 July, the official date that the Tax Office expects to start paying refunds.

“The key tip is that to get the tax offset, you have to lodge a tax return, and the earlier you lodge, the earlier you’ll get the tax offset,” said H&R Block director of tax communications Mark Chapman.

“The ATO won’t officially begin to issue refunds until the middle of the month… that will give the ATO plenty of time to add the offset into returns that have already been lodged.

“So, lodging your tax return today should ensure that you get the full offset that you’re entitled to be added to your refund payment.”

 

 

Jotham Lian
05 July 2019
accountantsdaily.com.au

 

 

© O'Brien and Partners 2011 - All Rights Reserved | 91 Station Street, Malvern VIC 3144 | Tel: 03 9509 3911 | Fax: 03 9509 3922