July 2019 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for July 2019:

July – 2019

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

Low and middle income tax offset – A new low and middle income tax offset (LMITO) will be available for individuals in the 2019 financial year, providing a non-refundable tax offset of:-

• up to $255 for Taxpayers with taxable income less than $37,000;
• $255, plus 7.5 cents for each additional $1 of taxable income up to a maximum offset of $1,080 for Taxpayers with taxable income between $37,000 and $48,000; and
• $1,080 for Taxpayers with taxable income between $48,000 and $90,000.

The offset will phase out at a rate of 3 cents per dollar for taxable income which exceeds $90,000. This means that LMITO is not available for Taxpayers with taxable incomes above $126,000.

Work related expenses on the ATO’s radar – People claiming deductions for work-related expenses like vehicles, travel, internet and mobile phones and self-education are on the ATO’s radar this year. There are three main rules when it comes to work-related claims:

• You can only claim a deduction for money you have actually spent (and that your employer hasn’t reimbursed);
• The expense must be directly related to earning your income; and
• You must have a record to prove the expense.

Super guarantee contributions – The rate for super contributions paid by employers on behalf of their employees under the super guarantee for the year ended 30 June 2020 is 9.5%. If you’re an employer, you must make super guarantee contributions for your employees quarterly, within 28 days after the end of each quarter.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.