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  • 1 year ago
WAP034 - Tax News August 13th 2017

WAP034 - Tax News August 13th 2017

In this week's podcast we discuss some of the tax changes and how they impact you. Despite the low volume of changes since the commencement of the financial year there are still several factors that are impacting tax payers: From July 1st (2017) the annual concessional contributions cap has been reduced to $25,000 and the non-concessional contributions cap to $100,000. Furthermore, where a member's total superannuation balance is greater than $1.6m the non-concessional cap is nil. The ATO are well and truly cracking fown on multinational tax avoidance. Due to the flow on effect of these restructures the ATO are anticipating an additional $100m in income tax (in the first year, & $300m in the first 4 years) with a potential GST revenue impact of $240m. Four million income tax returns have already been lodged to the ATO, with 1.6m of them being lodged individually through my Tax. There have been 2.96 million refunds issued for $6.8b. The draft determinaton for food retailers and the sim