In our first Newsletter of the year, we discuss the following important topics:
- New “work test” exemption for recent retirees - From 1 July, a new 12-month exemption from the work test for new retirees aged 65–74 with total super below $300,000 will give many older Australians extra time to boost their super.
- ATO issuing excess super contributions determinations - The ATO has begun issuing determinations for individuals’ excess concessional contributions to super for the 2017–2018 financial year.
- Reviewing the tax treatment of granny flats - Homeowners may have to pay CGT where there is a formal agreement for a family member to reside in their home; the Board of Taxation will review this treatment.
- Small business tax offset: avoiding errors when claiming - The ATO has issued tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses.
- Home office running expenses and electronic device expenses - The ATO has released updated guidance on tax-deductible home office and electronic device expenses.
- Genuine redundancy payments - The Federal Government intends to align genuine redundancy and early retirement scheme payments with the Age Pension qualifying age.
For more information on any of these topics, please read our newsletter below.
If you still have further questions, please call us on 02 9580 3353