What’s changing on 1 July?
Aspen Corporate • 14 June 2020
What's changing on 1 July?
- Company tax rate reduces to 26% for base rate entities
- $150k instant asset write-off scheduled to reduce back to $1,000 for small business entities and will no longer be available for entities with aggregated annual turnover of $10m or more, although accelerated depreciation rules apply to certain entities until 30 June 2021
- Cents per km rate for work-related car expenses increase to 72 cents
- Expected reforms to allow 66 and 67 years olds to make voluntary superannuation contributions without satisfying the work test. This reform is not yet law.
- Age limit for making superannuation contributions to your spouse increases from 69-74. This reform is not yet law.
- For those 67 and under, reforms will enable you to use the 'bring forward rule' to make up to three years of non-concessional contributions. That is, you can make non-concessional contributions of up to $300,000 from the 2020-21 financial year.
From 1 July 2025, ATO debt may cost you more. Two types of interest charges on Australian Taxation Office (ATO) debt will no longer be deductible.
Division 296 super tax is the Federal Government proposal to impose an extra 15% tax on total superannuation balance earnings over $3 million.
The rise of Financial Influencers or ‘Finfluencers’ - the risks of taking advice from unqualified sources can have serious consequences.
Trust structures have been prized for asset protection and flexibility with income distributions. However, with regulatory changes and mounting administrative complexity has the shine worn off?
What does the One Big Beautiful Bill mean for Australian investors, especially super funds and small businesses with US exposure?
If you are involved with running a not for profit (NFP) organisation it is important to be aware of key obligations and requirements.
