This financial year, the ATO have introduced many changes to legislation, some of which are summarised below:

  • Deductible superannuation contribution cap reduction to $25,000 per annum & non-deductible contribution cap to $100,000 per annum.
  • Changes to superannuation contribution deductibility, including removal of work test allowing individuals on salary and wage make personal deductible contributions
  • Small Business Company Tax Rate changes for passive investment companies
  • Small Business Turnover threshold increased allowing more businesses to be eligible for small business concessions
  • Introduction of First home super saver scheme allowing first home buyers to use superannuation as saving mechanism with voluntary contributions from 1 July 2017
  • Introduction of Superannuation Transfer Balance Account Reporting requiring members of superannuation funds to regularly report various additions and withdrawals of their superannuation account
  • Changes to depreciation claims on investment properties
  • Division 293 Tax will be payable on deductible contributions made by individuals with taxable income over $250,000 (reduced from $300,000)
  • Rental property owners are no longer eligible to claim deductions for travel to inspect their properties
  • Limited eligibility for depreciation on second hand plant & equipment in a residential rental property, so that the entity that actually purchased the plant & equipment can claim the deduction & not successive investors in the property

As the legislation is always changing, we recommend a review of your financial position to plan and implement the best strategy moving forward to reach your goals.

To book an appointment with us, please call 07 5479 2833 or email us at [email protected]