14 JULY 2016
• Payers must issue 2015-2016 PAYG Withholding payment summaries to payees (that is, employees and other workers).
INSTANT ASSET WRITE-OFF
Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30pm on 12 May 2015 and 30 June 2017. They can claim the deduction through their tax return.
The Federal Government has proposed a number of changes to superannuation and income streams including:
CHANGES TO CONCESSIONAL CONTRIBUTIONS LIMITS
Concessional contributions are contributions made from your before-tax salary and include employer contributions, Superannuation Guarantee contributions and salary sacrifice contributions.
The government is strengthening its foreign resident capital gains tax (CGT) regime to assist in the collection of foreign residents' CGT liabilities.
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