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Downsizing superannuation concession

The Government will encourage older Australians to free up housing stock by enabling downsizers over the age of 65 to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.

The Budget will raise $8.2 billion over the four year Forward Estimates by increasing the existing Medicare levy across all incomes

The main business tax measure which the Government announced in the Budget is a levy on all major banks from 1 July 2017, which will raise $1.6 b billion a year. The levy will be calculated quarterly as 0.015 per cent of a bank’s liabilities. The levy will raise $6.2 billion over the forward estimates.

As foreshadowed by Treasurer Scott Morrison the week before the Budget this year’s Budget highlights the net operating balance alongside the underlying cash balance to reflect those Government payments which contribute to recurrent expenditure.

2017 BUDGET OVERVIEW

Wednesday, 10 May 2017

The Turnbull Government’s second Budget contains surprisingly large tax increases in the form of a rise in the Medicare Levy rate on all taxpayers except those on the lowest income and a new $1.6 billion a year special tax on the large banks.

The Budget jettisons billions in welfare ‘zombie measures’ and delivers a small surplus of $7.4 billion by 2020-21.

Accounting software provider Xero has launched a new advertising campaign championing bookkeepers as the “heroes” of small business.
Global online accounting software company Xero has launched the new nationwide campaign, in conjunction with marketing and media companies Emotive and Resolution Media.

FBT RETURN REQUIREMENTS

Saturday, 29 April 2017

The Australian Tax Office (ATO) has issued a reminder that businesses can only lodge their 2017 Fringe Benefits Tax (FBT) returns electronically through the Practitioner Lodgment Service (PLS).
From 2017 tax practitioners can only lodge clients' 2017 Fringe Benefits Tax (FBT) returns electronically through the Practitioner Lodgment Service (PLS).

The Australian Tax Office (ATO) has announced arrangements to assist businesses affected by recent floods and cyclones in Queensland and northern NSW with their tax lodgment requirements.

The arrangements renew offers of assistance and accommodation by the ATO made following previous natural disasters.

The Australian Tax Office (ATO) has issued a reminder about changes in superannuation arrangements including concessional and non-concessional contribution caps which come into effect from 1 July 2017.

The changes were announced in the 2016 Budget but were substantially modified after the July 2016 election as a result of pressure from the Coalition backbench

FAMILY TAX BENEFIT RATES FROZEN

Saturday, 29 April 2017

Family tax benefit rates and several other government benefits including parental payments will be frozen from 1 July as part of the deal which saw the Government’s childcare changes pass parliament.

The Government secured passage of its childcare package and a revised set of Budget savings by dropping its omnibus childcare bill (which included a broad range of welfare cuts), resurrecting its original 2016 childcare bill and introducing a new social security bill.

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