The Palaszczuk Government’s tax on ‘luxury vehicles’ commences 1 July 2018 imposing an extra 2% stamp duty on vehicles costing above $100,000. Although this is unavoidable, it provides a great opportunity to remind you of the refund available to Primary Producers and Tourism operators for the Federal Government’s Luxury Car Tax.
The media is buzzing with news of the Turnbull Government’s personal income tax package for low and middle-income earners receiving the ‘green-light’ as it was passed through the Senate yesterday (21/6/18). Under the first stage of the three-stage plan, low and middle-income earners, earning up to $90,000, will receive a tax offset of up to $530 effective from July 1, 2018.
Additionally, individuals will benefit from the increases to the upper threshold for the 32.5 per cent tax rate from $87,000 to $90,000 from July 1, 2018.
For more details about the changes and to see the tax scales, we outlined them in our Budget Blog which can be accessed by clicking here. If you have any specific questions about these passed changes, please contact your Ulton Advisor to discuss.
The government recently announced a twelve month amnesty period for employers to catch up with their superannuation guarantee obligations. The period will run from the date of the announcement - 24 May 2018 - to 23 May 2019.
The measures are subject to the bill - Treasury Laws Amendment (Superannuation 2018 Measures) Bill 2018 - being passed by parliament; there has been no indication the bill is contentious and we expect it to pass.
To be eligible, employers must: