In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest.
Bill to increase Medicare levy
The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced to implement the Government’s 2017–2018 Budget announcement to increase the Medicare levy by 0.5% to 2.5% from 1 July 2019 in order to help finance the National Disability Insurance Scheme (NDIS).
The rate increase will impact on tax returns for the financial year ending 30 June 2020 and beyond.
Clubs in the spotlight
A recent A Current Affair story has put the Clubs Industry in the spotlight. The focus of the story is the innovative things that some Clubs are doing to improve their offering in an effort to win and retain market share. Well worth a watch for anyone involved in the Clubs Industry and hospitality and toursim more generally.
Our experience in the hospitality and tourism industry is that it is vitally important for operators to continually invest in renewing and improving their offering. At a minimum this is updating the fit-out and furniture periodically. But really, operators should be looking at what more they can do to attract the punters and generate additional revenue.
Downsizing super contributions coming
If you are aged 65 or over and you have owned your home for a minimum of ten years, you could benefit from new draft legislation. Under the new rules, you will be able to make additional non-concessional super contributions up to $300,000 from the proceeds of selling your home from 1 July 2018.
If you are thinking of downsizing and would like to understand the new rules, get in touch.
EMDG deadline is approaching
The Export Market Development Grant (EMDG) is a financial assistance program for aspiring and current exporters administered by Austrade.
Under the EMDG, small & medium sized Australian businesses can be eligible for grants representing up to 50% of their eligible export promotion expenses.
The EMDG is a great scheme for those businesses who (or are looking to) export their products or services. The scheme is also open to inbound tourism operators and for organizers of conferences and events in Australia.
Applications for the 2016-2017 grant year close 30 November. If you are interested in claiming, there is no time to lose.
First Home Super Saver Scheme
Treasury has released draft legislation to implement the 2017–2018 Federal Budget superannuation measures aimed at improving housing affordability by the establishment of the First Home Super Saver Scheme (FHSSS).
The FHSSS will allow voluntary superannuation contributions made from 1 July 2017 to be withdrawn for a first home deposit starting from 1 July 2018.
To be eligible to use the FHSSS, a person must be 18 years or over, have not used the scheme before and have never owned a property in Australia.
If you want to know more about the FHSSS, please contact us.
Super assets top $2.3 trillion
APRA has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the June 2017 quarter.
As at 30 June 2017, superannuation assets totalled $2.324 trillion (up 10% from $2.113 trillion in June 2016).
Total assets in MySuper products amounted to $595 billion (up 25.5% from $474 billion in June 2016).
Self-managed super fund (SMSF) assets totalled $697 billion (up 9.8% from $635 billion in June 2016) held in over 596,000 SMSFs, representing 30% of all super assets.
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