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Individuals earning over $280,000 from multiple employers will soon be able to opt out of compulsory superannuation guarantee from one employer. The concessional cap is currently $25,000 per individual member, regardless of how many employers are contributing, and exceeding this amount can have significant tax consequences. A bill currently before Parliament would allow a high…

Personal Income Tax Bill passes both houses of parliament. The following changes will be made to personal tax rates: • From 1 July 2018, the threshold for the 32.5 per cent tax rate will increase from $87,000 to $90,000 • From 1 July 2018, a Low and Middle Income Tax Offset, a non-refundable tax offset…

Payroll tax cuts from 1st July 2018 for regional employers The payroll tax rate is being reduced to 2.425 % for wages paid from the 1st of July 2018 for regional employers – this includes those in the Geelong area. This is a huge saving in comparison to the 4.85% metropolitan employers are required to…

The ATO have announced that they will be cracking down on work-related clothing and laundry claims this tax season. In order to claim a deduction for the cost of buying and cleaning work attire it must be occupation-specific clothing, protective clothing or unique, distinctive uniforms (such as a uniform with your employer’s logo) There is…