November 2018 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for November 2018:

November 2018

We would like to highlight the following articles in this month’s newsletter:-

ATO set to issue excess super contribution determinations – The ATO has started issuing excess concessional contribution (ECC) determinations for the 2017–2018 financial year. Superannuation fund members will receive these ECC determinations if they have made super contributions above the concessional contributions cap ($25,000) for 2017–2018. If you think you have exceeded your concessional contribution cap, please contact us.

Super Work Test exemption for recent retirees – The Government has released draft legislation and regulations to provide a one-year exemption from the work test for superannuation contributions by recent retirees aged 65–74 who have a total superannuation balance of less than $300,000. Currently, people aged 65–74 must pass the “work test” – working at least 40 hours in any 30-day period during the financial year – in order to make voluntary super contributions.

Bringing forward small business tax cuts by five years – The Prime Minister has announced that the Government will bring forward its planned tax cuts for small business by five years. This means businesses with a turnover below $50 million will pay a tax rate of 25% in 2021–2022 if the proposed legislation receives royal assent.

If you have any queries in regards to your tax and accounting matters, please do not hesitate to contact us to discuss further.