In February this year, the Federal Government passed legislation impacting APRA-regulated funds and the insurance coverage they provide members. Previously these funds were able to charge members insurance premiums for default insurance coverage. In many cases this meant members with very small balances were being charged insurance premiums which gradually reduced their super balances.
The Fair Work Commission has recently announced the outcome of its annual wage review and has decided on a 3% increase to all modern award rates including to the National Minimum Wage from 1 July 2019.
June is the time of year to look at tax planning to reduce the tax paid on current year’s profits. However it is also a good time to look ahead to the next tax year and identify opportunities to improve cash flow. One such opportunity which many taxpayers are unaware of, is available to those with negatively geared rental properties.
Legislation passed on 1 April 2019 to improve the integrity of the super guarantee (SG) system will have a massive impact on the personal liability of directors.
With the Liberal Government being re-elected for the next term, many are wondering what impact this has on them from a tax and super perspective. The short answer is not a lot will change. Most of the controversial measures such as banning negative gearing and removing the refunding of franking credits were proposed by the Labor party. So these attempts at major tax reform have been rebuffed it appears in favour of a more steady, status quo approach proposed by the Liberal Government. As such, there is no proposed changes to most super and taxation legislation.
The ATO has announced that it will begin to collect data from cryptocurrency designated service providers shortly in a bid to identify taxpayers who have neglected to declare income made on cryptocurrency trades and therefore short paid their tax liability.