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Integrity, Innovation & Commitment

3rd Quarter 2018

Key Tax Dates

15 JANUARY 2018

  • Income tax return for taxable large/medium business taxpayers (all entities other than individuals) due date for lodging, unless required earlier.
  • Payment for companies and super funds was due 1 December 2017.

Changes to Company Tax Rules

The company tax rate rules for the 2017 income year are different to the rules that will apply for the 2018 income year onwards.

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 limits access to the 27.5% company tax rate by replacing the ‘carrying on a business test’ with a ‘passive income test’. Under the new rules, to access the reduced company tax rate, 80% or less of the company’s assessable income must be passive in nature.

The New Child Care Subsidy

From 2 July 2018, the current Child Care Benefit and Child Care Rebate will be replaced by a single Child Care Subsidy. To help you navigate the changes, we’ve listed the top five things you need to know to determine your family’s level of subsidy:

Super Housing Measures

On 13 December 2017, legislation was passed for the First Home Super Saver (FHSS) Scheme and the Contributing the proceeds of downsizing into superannuation (downsizing) measures. These measures are part of the Australian Government's broader housing affordability package to reduce pressure on housing affordability in Australia.

Let us advise you with your accounting and taxation needs!