Another of Labor’s major policies surrounds the taxation of distributions from discretionary trusts. Unlike the franking credits change, this policy has not received as much publicity but could have just as big an impact on small businesses.
With a Federal Election around the corner, there is a strong chance a new government will be voted in. The Opposition to their credit has been very upfront with their policies and if elected there will be significant changes to the tax and superannuation landscape. This series of articles will look at Labor’s major policies and their potential impact on you moving forward.
The Federal Government and ATO have been focused for some time on reducing the financial impact of the black economy – those businesses who are continually late and overdue with their tax commitments.
With property prices starting to show signs of plateauing and even decreasing, many are exploring options on how to enter the property market in the future. One new opportunity that was introduced from 1 July 2017 is the First Home Owner Super Saver Scheme (FHSS). The goal of this scheme is to encourage taxpayers to use the superannuation environment to help save for their first homes.
Parliament has recently passed the Bill introducing single touch payroll to all businesses from 1 July 2019. Currently this system, which involves electronically reporting all pay run data to the ATO, applies to businesses with more than 19 employees.
Victorian employers need to aware of the changes that apply for employee’s long service leave entitlements which began on 1 November 2018. These changes have been made to add further flexibility to the leave system for employees and to make it easier for employees to accrue long service leave for parents. Here is a summary of the changes: –