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DownloadPersonal income tax cuts
18/07/2018 by Collins Hume | National expertise, local service 02 6686 30001 July 2018 Personal income tax cuts
New personal income tax rates come into effect from 1 July 2018.
The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000. Dovetailing into the tax bracket change is the introduction of the Low and Middle Income Tax Offset for those with taxable incomes up to $125,333. The offset is a non-refundable tax offset that you receive when you lodge your income tax return.
If your annual taxable income is $80,000 in 2018-19, then the personal income tax changes provide an annual tax reduction of $530 per year. If your annual taxable income is $120,000, then the changes give you an annual reduction of $215.
New minimum pay rates from 1 July 2018
New award wages and allowances come into effect from 1 July 2018. If you're an employer, it's important that you are aware of the new rates and apply them. The Fair Work Ombudsman's online Pay Calculator can help you determine the right rates to apply.
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International win highlights Collins Hume's charity
Collins Hume Accountants and Business Advisers were recognised for their charitable giving efforts by being named 2018 Impact Award Winners over the weekend.
Collins Hume Accountants and Business Advisers were recognised for their charitable giving efforts by being named 2018 Impact Award Winners over the weekend.
The awards formed part of B1G1's Business for Good Conference celebrating 150 million giving impacts worldwide, held in Singapore.
"This award recognises your stunning achievement of making a massive and sustainable difference to our world and to the lives of people in it," said B1G1 CEO and Founder Masami Sato.
"You haven't just set an example – you continue to be one. Many congratulations!"
Small business deduction extended
16/07/2018 by Collins Hume | National expertise, local service 02 6686 3000$20k accelerated deductions for small business extended another year
The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019.
From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. There are no limits to the number of times you can use the immediate deduction assuming your cash flow supports the purchases.
If your business is registered for GST, the cost of the asset needs to be less than $20,000 after the GST credits that can be claimed by the business have been subtracted from the purchase price. If your business is not registered for GST, it is the GST inclusive amount.
A Manager has to gain the respect of those being led
Good leadership is needed in every type of business. Where do you start in understanding leadership?
Firstly, distinguishing between management and leadership. They're both different, but interdependent and must be closely related to be fully effective.
Management is essentially about the establishment of organisations, structures, processes and procedures including:
- staffing
- management of costs
- implementation of ideas
- team training
Leadership is about creating the environment in which people work willingly together to achieve commonly agreed ideas and goals.
Are You Being Scammed?
We all get calls from the Australian Taxation Office and we tend to think a call from them is the real thing because honestly, who wants to pretend to be from the Tax Office?
This common belief is being used by scammers to target individuals and small businesses.
The Australian Taxation Office has released a step-by-step process of what will happen if they do call you:
- At the beginning of the
call the ATO officer (or representative) will state that they are calling on behalf of the ATO, explain the call may be recorded for coaching purposes, offer the opportunity to stop the call recording, if preferred and offer access to the ATO privacy policy. Read more…
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