Gibson Clark

A boutique accountancy firm based in Brisbane - accountants, business advisors, tax, superannuation and small business specialists. Tweet us with any questions.

[Gibson Clark @GibsonClark2]

2019 Federal Budget - https://t.co/dqML90zclz

[Wolters Kluwer AU @cchaustralia]

Members of regulated #superannuation funds will not have to meet the work test after 1 July 2020 if they are 65 or 66 years of age https://t.co/Fj4FLQfOP2 #Budget2019

[Wolters Kluwer AU @cchaustralia]

Australian Business Number (ABN) holders will be required to lodge their income tax return and confirm the accuracy of their details on the Australian Business Register annually to retain their ABN status #Budget2019

[Wolters Kluwer AU @cchaustralia]

From 1 July 2024, the 32.5% marginal tax rate will be reduced to 30% and the 37% bracket will be abolished #Budget2019

[Josh Frydenberg @JoshFrydenberg]

I also announce additional tax-relief for small & medium sized businesses.

The instant asset write-off will be increased & from $25k to $30k & expanded to businesses with a turnover of up to $50 million. #Budget2019

[Wolters Kluwer AU @cchaustralia]

Medium sized businesses (aggregated annual turnover of $10m or more, but less than $50m) will also be able to immediately deduct purchases of eligible assets costing less than $30,000 that are first used, or installed ready for use, from Budget night to 30 June 2020 #Budget2019

[Political Alert @political_alert]

INCOME TAX: Tax relief for low and middle income earners up to $1,080 for singles and $2,160 for dual income families. 32.5% rate will be lowered to 30% and 37% rate will be abolished in 2024-25 the #Budget2019 #auspol

[Gibson Clark @GibsonClark2]

XERO TWO-STEP AUTHENTICATION - https://t.co/qtyCim8eMI

[Wolters Kluwer AU @cchaustralia]

Businesses can no longer receive cash payments above $10,000 for goods and services, from 1 July 2019 #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

The 50% capital gains discount for managed investment trusts (MITs) and attribution MITs (AMITs) will be removed at the trust level #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

Individuals whose income exceeds $263,157, and have multiple employers, will be able to nominate that their wages from certain employers are not subject to the superannuation guarantee from 1 July 2018 #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

Individuals will be required to confirm in their income tax returns that they have complied with "notice of intent" requirements in relation to their personal #superannuation contributions, effective from 1 July 2018 #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

An exemption from the work test for voluntary contributions to superannuation will be introduced from 1 July 2019 for people aged 65-74 with superannuation balances below $300,000 #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

Amendments to Div 7A will strengthen the unpaid present entitlements (UPE) rules from 1 July 2019 #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

Deductions for expenses associated with holding vacant land not genuinely used to earn assessable income will be denied #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

; The small business capital gains tax (CGT) concessions will not apply to partners alienating rights to future partnership income #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

Payments to employees and contractors are no longer deductible where any amounts that are required to be withheld are not paid, from 1 July 2019 #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

The Medicare levy low-income thresholds for singles, families, seniors and pensioners will be increased from the 2017/18 income year #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

The annual audit requirement will be changed to a three yearly requirement for #SMSFs with a history of good record keeping and compliance #Budget2018 https://t.co/0c6Ne1X8z2

[Wolters Kluwer AU @cchaustralia]

$20,000 instant asset write off will be extended by 12 months (accelerated depreciation for small businesses with aggregated annual turnover less than $10 million) #Budget2018 https://t.co/0c6Ne1X8z2