Your Knowledge (June 2018)

Welcome to the June 2018 edition of Your Knowledge – the exclusive publication of EGU Accounting and Taxation.

Quote of the month:
“Courage is fear holding on a minute longer.” – General George S. Patton

One-off Super Guarantee Amnesty
The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running from 24 May 2018 for 12 months, the amnesty encourages employers to reduce this SG gap by providing relief from the punitive penalties that normally apply to late payments… Read more

What’s Changing On 1 July 2018
Single touch payroll – Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1 July 2018 to report payments such as salaries and wages, PAYG withholding and superannuation. Single touch payroll is expected to be compulsory for businesses with 19 or less employees from 1 July 2019…. Read more

Your Essential EOFY Checklist
Donate – If you are going to donate to charity, now is the time. Any donations you make to deductible gift recipients can be deducted this year. Remember, if you received something in return for the money, like goods purchased at a charity auction, you may not be able to claim a deduction for the full payment. There are special rules dealing with this situation that need to be taken into account…. Read more

Who Gets a Tax Cut From 1 July
1 July 2018 is the start date for the seven year income tax plan announced in the recent 2018-19 Federal Budget. The seven year plan benefits low and middle income earners in the first few years before expanding out to a broader restructure of the tax rates and brackets for everyone…. Read more

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Corinne Kirk – Partner of EGU, heading the Accounting & Taxation division.