Individuals – What’s changing on 1 July 2018

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

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.


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Phillip Anthony Partners joins Paris Financial East Melbourne

We are pleased to share that the team at Phillip Anthony Partners have merged with Paris Financial. Our team at Paris Financial can provide you with a large range of quality financial services with over 65 people located across two convenient locations in Blackburn and East Melbourne.

Paris Financial shares the same philosophy as Phillip Anthony Partners of providing a value focused and high quality service for each of our clients. We look forward to assisting with your accounting needs.