Compiled by our tax experts the National Tax and Accountant Association (NTAA) Personal Income Tax Cuts passed! Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. According to the Prime Minister, taxes “will now be […]
Compiled by our tax experts the National Tax and Accountant Association (NTAA) 2018 Budget Update The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018. Some of the important proposals include: The introduction of the ‘Low and Middle Income Tax Offset’, a temporary non-refundable tax offset of up to $530 p.a. to […]
Compiled by our tax experts the National Tax and Accountant Association (NTAA) Please follow the link: Budget 2018-19 update NTAA
Calculating how much to pay: To work out how much super you have to pay for each of your employees, multiply their ordinary time earnings for the quarter by 9.50%.
Super for the self-employed: If you’re a sole trader or a partner in a partnership, you don’t have to make super contributions to a super fund for yourself. However, you may want to consider super as a way of saving for your retirement.