One-off Superannuation Guarantee Amnesty

The amnesty applies to employers that have not fully paid the Superannuation Guarantee from 1 July 1992. Yes that’s right since 1992. However, to qualify for this amnesty, employers must own up and complete the ATO’s SG Amnesty Form. Once completed, payments can be made in full or over a period of time by entering into a payment plan with the ATO (If the payment plan is defaulted, the amnesty will no longer apply).

Please note that the amnesty will only apply to those that voluntarily disclose the unpaid amounts and the super guarantee charge (interest on shortfall amounts) will still apply under the amnesty however no penalties will apply.

Small Business – turnover of $10 Million or less.

  • Lower tax rates – 27.5% rather than 30% for larger entities.
  • An immediate tax deduction (write off’s) for individual assets costing less than $20,000 (GST exclusive) affective to 30 June 2019.

GST

  • GST will apply to sales of goods to Australian consumers with a value of under $1,000.

Taxable Payments Reporting

  • Extended to include not only the Building and Construction industry and now applies to Cleaners, Couriers, Security, Road Freight, and Construction Design. Importantly, this change is not immediate, it will be implemented over 2 years.

Single Touch Payroll (STP)

  • STP from 1 July 2018 for all employers with 20 + employees and 1 July 2019 for everyone else.
  • Under STP, wages and super payments will need to be reported to the ATO each pay run.

Research and Development – R&D

  • The way the R&D tax incentive is managed will change. Caps now introduced on cash rebates and for large companies, a refocus of high intensity R&B activities.

Testamentary Trusts

  • The affective freezing of capital balances for testamentary trust tax concessions

Foreigner Land Tax

  • A surcharge applies for foreign persons who own residential land in NSW.
  • Family Trusts that own land will now be levied with this surcharge unless the trust deed specifically excludes foreign persons from being beneficiaries of the trust.

Please CLICK HERE or on image below to download the checklist