June 6, 2018 Rebecca Mackie

Individuals – What’s changing on 1 July 2018

Rebecca Mackie

Rebecca Mackie

Partner
Rebecca Mackie has extensive experience dealing with tax and structuring advice for property investors and developers.

These are the main changes ahead for individuals from July 1 2018.

Personal tax bracket changes

The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*.

Introduction of the Low and Middle Income Tax Offset

Providing a tax offset for those with taxable income of up to $125,333*.

GST on property developments and residential subdivisions

The way GST is collected on sales of newly constructed residential properties or new subdivisions will change from 1 July. Purchasers will be required to remit the GST directly to the ATO as part of the settlement process. If you are buying a property, it is essential that you check the details to ensure that these new requirements have been managed correctly.

Should you have any questions please contact us on 03 8393 1000 here at Paris Financial.

Rebecca Mackie, Partner, Paris Financial

*Change has been announced but has not become law at the time of writing.

 

,
Rebecca Mackie

Rebecca Mackie

Partner
Rebecca Mackie has extensive experience dealing with tax and structuring advice for property investors and developers.

Thank you for providing your email address. You’re now connected with our Small Business Tax Champions.

Do you want insight into the latest tax news and cutting-edge financial advice?

*Required field