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ATO, pension fund, salary changes coming July 1



The financial year is over and Australians will be overwhelmed with a whole set of changes today.

From overcoming tax relief to retirement, as well as changing the minimum wage, child care allowance, and even luxury vehicle tax, news.com.au has divided it into a simple, if not a long list that will help you understand it as which is July 1st.

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REVENUE FROM TAX ON STANDBY

The Coalition has submitted tax relief to the elections and is under pressure to encourage relief through parliament to stimulate consumption and stimulate the economy.

When done, those who receive lower and middle income will receive tax relief up to $ 1080 for single persons or up to $ 2160 for double income families as of July 1 after the filing of the tax return.

Tax cuts include a $ 158-billion plan, and it is expected that the final stage will be to contest the Obstruction when Parliament continues on July 2nd.

The Australian tax office, however, says it will retroactively provide cuts if the laws are adopted after June 30.

LIFT IN INSTANT ASSET WRITE-OFF at $ 30,000

Today he is the last to buy a new car for the job or is preparing for that walk-in freezer to take advantage of the write-off of state property for small businesses.

Earlier this year, the current write-off jumped from $ 25,000 to $ 30,000, but a new survey says a quarter of business owners have no idea that the initiative is backed up.

The study conducted by Officeworks and H & R Block reveals that 84 percent of Australian owners will not make use of the current cash outflow this year, as H & R expert Mark Chapman shares his advice to give books a strong boost. years.

He says the increased cost of write-off was a great way to start.

"As we approach the end of the financial year, now is a good time for planning at the last moment," Mr Chapman told news.com.au.

The initiative will enable businesses to buy products that cost up to $ 30,000 and get instant tax relief when they begin to patch for a few weeks on July 1.

"It's really the right time for the cash flow perspective to use it," he said.

"This is a real victory for small businesses, because if you buy office equipment, computers, laptops, tools, or even motor vehicles and tax-deductible equipment, you will completely write off the cost of tax."

NEAKTIVE SUPER ACCOUNT CLOSED July 1

Australians could lose life insurance cover wrapped up in their old bills when today is a little known but significant retirement change.

Most of them are unaware that they have a life insurance policy included in the fund. And from the first day of the new financial year, super accounts that are inactive for 16 months will have no life cover.

More than 50 percent of Australians have no idea that these changes are coming, while the astonishing fourth has no idea whether they even have life insurance related to their super, according to Australian Pension Fund Association (ASFA) data.

Many Australians have multiple pension funds because they decide on the temporary fund of their employer whenever they start a new job.

So, most will continue to have access to standard life insurance through their current, active super fund, but Aussies invites you to check the status and conditions of your fund.

"This law was introduced for very good reasons," said ASFA Executive Director Martin Fahy.

"However, the time frame for implementation meant the challenge for pension funds to engage their members to ensure they understand the consequences of these changes in just a few short months."

HOW TO SUPER CHANGE TO USE YOUR WORK

When the super changes take effect from 1 July, temporary life insurance that is credited with super funds will be closed unless the members decide to opt in.

Shine Lawyers Retirement Law Professor Will Barsby says it takes years for Australians and crafts to exceed the $ 6,000 balance.

"The idea of ​​these changes was to stop those smaller balances that benefit from the benefits, but unfortunately what it will do is open up a new group of people to risk being covered by insurance," Mr Barsby told news.com.au.

"If you do not have a decent insurance coverage, you can have an impact on life if you are injured and can no longer work.

"In our law firm, we help many traders who have been injured in workplace accidents to get insurance, and unfortunately many of the junior employees or trainees who can be hurt simply by inexperience.

"If you have insurance for income protection, then you can get 75 percent of your salary while you are recovering."

AND WHAT DO THIS MATERIALS DOES?

"Workers on maternity leave or maternity leave often do not pay contributions to their super funds so that under these changes, if it's longer than 16 months from the last payment to their account, their insurance will be canceled," Mr Barsby said.

"We know that many women will take an extended maternity leave of two years or more or sometimes will not return to work until their children are older.

– This will catch many parents. We are facing a situation where people will go to bed on June 30th and be covered and wake up on July 1st so that they would no longer be covered.

OTHER SUPER CHANGES

• Low Balance Accounts with less than $ 6,000 will have limited fees at 3% to avoid the entire accounts

• All exit funds for the super fund will be forbidden

• Those who are retired between the ages of 65 and 74 may voluntarily contribute if they no longer meet the conditions for testing the job and if they have a super balance below $ 300,000.

CHANGES IN STUDENT CREDIT

Graduates will start paying off student debt earlier than July 1, when the HELP payment threshold is down to $ 45,881 at $ 51,957. Those who fall into the minimum repayment threshold will have to repay their debt at a rate of 1 percent a year. Comparison of Places Comparison The market says that the second nursing assistant in NSW could only earn $ 46,274 a year, which is $ 462 a year in student loan repayments.

PENAL STOPS AND MINIMUM PAYMENTS

The minimum wage will be increased by 3 percent to $ 740.80 per week or $ 19.49 per hour for the first full paid period starting on or after July 1st.

TAX ON LUXURY VEHICLE CARS

Cars worth $ 100,000 and $ 150,000 will be charged in the amount of $ 14 per $ 200 worth of market value in Victoria.

For automobiles worth more than $ 150,000, a charge of $ 18 per $ 200 is charged.

Low emission cars and agricultural vehicles will be exempt from these fees.

TAX ON TAX PAYMENT

About 1500 Queensland companies will receive tax relief, and the state government will increase the salary threshold from 1.1 million to 1.3 million dollars.

CHILDREN'S SUBSIDY STOPS

Changes on July 1 for income thresholds for childcare include:

• Up to 68,163 USD – 85%

• More than $ 68,163 to below $ 173,163 – to 50 percent

• 173,163 to 252,453 USD – 50%

• $ 252,453 to $ 342,453 – at 20%

• $ 342,453 to $ 352,453 – 20%

• $ 352,453 equal or greater – 0 percent.

CHANGES IN TAX ON TAX

The larger income of the free space for Family A Benefit Part A will increase from $ 94,316 to $ 98,988 as of July 1. It will benefit by 30 percent for each family earning more than $ 98,988.

BEST FAILURES AT TAX TIME

H & R Bloc Bloom Expertise Mark Chapman told news.com.au that the most common mistakes people made with tax requirements were failure in conducting organized records.

This can limit the number of people who can apply because they have lost their accounts or can not prove the purchase.

"Make sure you do not forget to claim the things you could actually require, things like home-costing," he said.

"If you spend time on weekends and in the evening working from home, such things often forget people who could apply."

This will allow you to claim part of your home account, such as electricity, internet, mobile and any depreciation on equipment such as computers and printers.

"It's amazing these days how many people use their personal mobile phone for work, so their work does not give the phone but is expected to be on call 24 hours a day," Mr Chapman said.

"It can sum up such things very quickly."

WORKING COSTS *

• Requirements for work clothes, chemical cleaning and washing costs. ATO has indicated that it will check taxpayers who use the billing exemption for people who spend less than $ 150 on laundry costs. The ATO believes that too many people claim to have it, and they do not actually bear the costs.

• Deduction for home use, including the cost of "occupation" such as rental, mortgage rates and interest rates, which are not allowed unless you are actually running a business from home.

• Requirements for overtime meals

• Compensation fees and subscriptions

• Costs of mobile phones and the Internet, with particular emphasis on people claiming that the entire account (or a significant part of it) for a personal cell phone is associated with the job.

• Claims on motor vehicles where taxpayers use a lump sum of 68 cents per kilometer for travels up to 5000 km. ATO is concerned that too many taxpayers are automatically seeking a limit of 5000 kilometers regardless of the actual amount of travel.

• Incorrect claim for deductions according to the rule that allows taxpayers who have incurred work-related costs in the total amount of $ 300 or less to file a claim without a bill. The ATO believes that some taxpayers claim – or the amount of less than $ 300 – to actually incur costs.

DODGY PROPERTY DEDUCTIONS *

• The ATO has announced that it will pay close attention to excessive interest cost claims, such as property owners have tried to claim rental costs for a family home, as well as for their rental property.

• It will also consider the erroneous allocation of rental income and rental costs between owners, such as a jointly owned deduction by owners with higher taxable income rather than jointly.

• They will observe holiday homes that are not really available for rent. Property leasing owners should only claim for the period in which the property is leased or really available for rent. The period of personal use can not be claimed. This is especially important for vacation homes where ATO regularly finds evidence of homeowners looking for deductions for their holiday cushion on the grounds that they are rented when they are actually the only people who use it are the owners or their families and friends, often without rents,

• It will closely monitor inaccurate requests for newly purchased real estate for rent. The costs of repairing the defects and disadvantages that existed at the time of purchase or renewal costs can not be claimed immediately. These costs are reduced for several years. Expect that the ATO will verify such claims and waive claims that can not be stored.

EXCHANGE OF ECONOMY *

• ATO will also closely monitor those working in the joint economy to ensure proper reporting of revenue and costs.

• Examples include carriage of passengers (Uber), rental of parking spaces, provision of qualified services such as the Web or Commercial Service (Airtasker), procurement of equipment or tools, completion of certain jobs, ordering or delivery or rental of equipment such as tools, instruments or sports equipment.

• Renting a room or a house for accommodation is great. Airbnb hosts are an obvious example. It is believed that ATO is particularly concerned about taxpayers seeking full disengagement from the CGT's main residence when part of their main residence is rented via Airbnb.

Source: Block H & R

Continue to talk on Twitter @James_P_Hall or james.hall1@news.com.au


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