1st Quarter 2018

Superannuation changes for businesses and employees start on 1 July 2017.

NO MORE DEDUCTIONS FOR TRAVELLING TO AND FROM YOUR INVESTMENT PROPERTY 

The days of writing-off the costs of travel to and from your residential investment property are about to end. From 1 July 2017, the Government intends to abolish deductions for travel expenses related to inspecting, maintaining, or collecting rent for a residential rental property.

Buried amongst the Federal Budget announcements was a concerted attack on the black economy that will affect most cleaning and courier businesses across Australia.

From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means that these businesses will need to report payments they make to contractors (individual and total for the year) to the ATO.

The wide-ranging superannuation reforms come into effect on 1 July 2017. With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund.