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Tax bracket changes passed

In the 2019-20 Federal Budget, the Government announced their plans to change and build on the Personal Income Tax Plan. These changes affect the low and middle-income tax brackets and were passed on 5 July 2019.

The Budget proposed that from the 2018-19 income year:

Assessments for returns that have already been lodged are expected to be issued from 12 July and into the following week, which is in line with the normal processing of refunds for the end of financial year. Individuals and tax professionals will not need to request these assessments.

Amended notices of assessment can be accessed through the ATO website. For those individuals that have linked the ATO to their myGov account, they will be notified in their myGov Inbox.

Posted on 8 July '19 by , under Tax.

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Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker's super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

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The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

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