August 2018
MLCo • August 4, 2018
FURTHER COMPANY TAX CUTS DEFERRED
The Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in the Senate (it had already passed the House of Representatives without amendment).
The Bill aims to progressively extend the lower 27.5% corporate tax rate to all corporate tax entities by the 2023/24 financial year, and further reduce the corporate tax rate in stages so that, by the 2026/27 financial year, the corporate tax rate for all entities would be 25% .
Other updates this month:
- ATO guide to the 5 most common Tax Time mistakes,
- Single Touch Payroll Update,
- Cents per Km Deduction Rate for Car Expenses from 1 July 2018 from 66c/Km to 68c/Km,
- Suburban scammers pushing illegal early access to super , and,
- Transacting with cryptocurrency (such as Bitcoin)
