Newsletter

TRANSITIONAL CGT RELIEF OPTION ENDS

A key part of lodgement this financial year for self-managed super fund (SMSFs) trustees is the decision about whether to apply for transitional capital gains tax (CGT) relief. It’s important that trustees are aware that CGT relief is not automatic, and you have to apply. Once an election to apply the relief is made, the decision is irrevocable.

21 APRIL 2018

• March 2018 monthly activity statement - due date for lodgement and payment.

Using the simplified depreciation rules, assets costing less than the instant asset write-off threshold are written off in the year they are bought and used, or installed ready-for-use. This applies irrespective of whether the asset is purchased new or second-hand.

The current threshold is $20,000.

Single Touch Payroll (STP) is mandatory for 'substantial employers' (those with 20 or more employees) from 1 July 2018.