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CHANGES TO LONG SERVICE LEAVE ENTITLEMENTS

On 8 May 2018, the Victorian Parliament passed the Long Service Leave Act 2018 (Vic) (the New Act). The New Act repeals the Long Service Leave Act 1992 (Vic) (the Current Act) and introduces key changes to Victorian employees’ long service leave entitlements. The New Act has come into effect on 1 November 2018. The major differences between the […]

COMPANY TAX RATES

Recently we have seen a number of key developments in relation to company tax rates. It has been confirmed that the Government will no longer extend the company tax cuts to larger companies. This means that only those companies which have aggregated turnover of up to $50 million potentially will be eligible for a tax […]

REMOVAL OF TRAVEL DEDUCTIONS FOR RENTAL PROPERTIES

The 2017 budget has seen a major change that will impact current and future residential rental property owners. From 1 July 2017, deductions for travel expenses related to: Inspecting Maintaining or; Collecting rent for a residential rental property will be disallowed. This has been implemented to address concerns that rental property owners have been claiming travel […]

MOTOR VEHICLE EXPENSES

Clients are missing out on claiming a greater deduction for their motor vehicle expenses as they have not maintained a proper log book. This log book can be in the form of a pre-printed book or you can maintain your own records as long as it contains the correct details. The idea of a log […]

CORPORATE TAX RATES

The Taxation Office has released its administrative treatment in relation to the Government’s proposal (Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016, currently before Parliament) to reduce the corporate tax rate. Under these proposals, the tax rate for small business entities will be reduced from 28.5% to 27.5% from 1 July 2016.