Is your tax return due soon?
Most individual returns will be due to be lodged by the end of next month, unless you are represented by a registered tax agent like myself. If you are not currently on my list, I will need to add you by 31 October to ensure that your return can be lodged in 2017.
Changes to superannuation
From 1 July 2017, the annual non-concessional (after tax or personal) super contribution will reduce from $180,000 to $100,000.
The bring forward rule, which allows three years of after tax contributions to be made in one year, will only be possible for members of super funds with balances of less than $1.6 million.
Non-concessional contributions will not be subject to a lifetime limit of $500,000, contrary to the May Budget.
Taxpayers aged 65 to 74 will still be subject to a work test to make concessional (tax deductible) contributions, contrary to the May Budget.
New tax tables from 1 October
Tax rates are changing. The latest tax tables are now available: https://www.ato.gov.au/Rates/Tax-tables/?2016emailnotification If you use accounting software, contact your software provider for the latest updates.
GST for overseas business from 1 October
Overseas business clients may no longer be subject to GST from 1 October if they:
- only make GST-free supplies through an enterprise carried on outside Australia;
- have a business presence in Australia of less than 184 days in a 12 month period; and
- have a GST turnover of less than $75,000.
GST-registered importers no longer need to identify the exact amount paid for international transport, insurance and other costs to calculate the value of the taxable importation for GST purposes.
Makeshift Memorial (2015)
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