From a personal taxation perspective there are only minor changes that will affect the 2019 financial year.

Personal tax bracket changes

  • The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000.

Introduction of the Low & Middle Income tax offset

  • Individuals that have a taxable income of up to $125,333 will be provided with a tax offset.

Property Investment and Development – GST and subdivisions

  • Effective 1 July 2018, any GST on the purchase of a new residential property will be remitted directly to the ATO by the buyer (purchaser) on settlement and as part of the settlement process.
  • Expenses incurred when buying vacant land, unless the land is immediately available for rent, will no longer be deductible against Income rather now only be claimable as a Capital Expense

Superannuation

  • Individuals with income exceeding $263,157 (upper SG contribution limit – $25,000) whom have multiple employers will be able to nominate to exclude their wages from SG. From 1 July 2018 there will be a form available for employees to complete for an exemption to give to their nominated employers.
  • If you are over 65 and have held your home for 10 years or more and are looking to sell, you might be able to contribute some of the proceeds of the sale of your home to superannuation.
  • Don’t forget super contributions are no longer governed by the ‘work test’ so anyone can contribute to their personal super up to the annual limit of $25,000 and be entitled to a tax deduction.

Please CLICK HERE or on image below to download the checklist