1st Quarter 2018

14 JULY 2017

• Payers must issue 2016-2017 PAYG Withholding payment summaries to payees (that is, employees and other workers).

SMALL BUSINESS CONCESSIONS ACCESS EXPANDED

From 1 July 2016, a range of small business tax concessions became available to all businesses with a turnover of less than $10 million. Before that, the turnover threshold was $2 million.

ELIGIBILITY FOR INSTANT TAX WRITE-OFFS

Introduced in 2016 and expanded in 2017, the Government now plans to continue the instant tax offset throughout 2017/2018. Businesses that turn over less than $10 million each year will be able to immediately write-off expenditure up to $20,000.

FIRST HOME BUYERS ASSISTANCE

From 1 July 2017, first home buyers do not have to pay duty for both new and existing homes for properties up to $650,000. The duty is reduced for amounts between $650,000 and $800,000.