On 2 July 2018, the Federal Government will replace the Child Care Benefit (CCB) and Child Care Rebate (CCR). It will be replaced with a single means-tested subsidy, known as the Child Care Subsidy (CCS). Child Care Subsidy will be paid directly to your approved child care provider/s to reduce the fees you pay. In … Continued
Personal Income Tax Changes The Government will introduce a seven-year, three-step, Personal Income Tax Plan as follows: A small additional tax offset of up to $530 that you will receive when you lodge your 2019 Income Tax Return (and future tax returns). Taxpayers with taxable incomes under $125,334 will be eligible. From 1 July 2018, … Continued
Foreign Residents to be excluded from CGT Main Residence Exemption Your main residence or basically your home is generally exempt from capital gains tax (CGT). To get the exemption, the property must have a dwelling on it and you must have lived in it. You’re eligible for a full main residence exemption if the dwelling: … Continued
What are low value goods? Is your business affected by the new law? Generally, low value goods are physical goods that has a customs value of A$1,000 or less. Currently, only goods above A$1,000 are taxed at the border, (with the exception of alcoholic beverages and tobacco). This is now changing. From 1 July 2018, … Continued