2nd Quarter 2019

21 OCTOBER 2018

• Annual pay as you go (PAYG) instalment notice (Form N) – due date for payment. Lodgement is only required if you vary the instalment amount or use the rate method to calculate the instalment.

• September 2018 monthly activity statements - final date for lodgement and payment.

Legislation passed by Parliament introduces a new test that will restrict some companies from accessing the lower company tax rate from the 2017-2018 financial year.

The Australian Taxation Office (ATO) is targeting home office expenses and has identified a high number of mistakes in this area. The common mistakes identified by the ATO are taxpayers claiming expenses they didn’t incur, claiming expenses that were reimbursed by their employer, claiming private expenses and not retaining sufficient records.

From 1 July 2018, if you are 65 years old or older and meet the eligibility requirements, you may be able to choose to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home. If you sign a contract prior to 1 July 2018 you will not be eligible.