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Federal Budget 2018

The Federal Budget for 2018 has been announced, summary of the changes are attached which may impact you Click Here 

Single Touch Payroll

Single Touch Payroll

Single Touch Payroll is an Australian Government initiative that changes the way businesses report on employee payments such as salary or wages, pay as you go (PAYG) withholding and superannuation. It is the biggest payroll reporting change in Australia's history.

Under STP employers will need to report employee payments electronically to the ATO with every pay run. It is the direct digital connection to the ATO that is new and requires all payroll systems to be upgraded to accommodate. Employers with 20 or more employees on 1 April 2018 will be required to confirm to these new regulations by 1 July 2018. Please contact us if you would like more information or refer to the ATO website.

Reduced Company Tax Rate Eligibilty

Reduced Company Tax Rate Eligibility

The company tax rate for eligible companies in the 2018 financial year is 27.5%. To be eligible a company must have an aggregated turnover of less than $25 million and be carrying on a business. For further details on the 2018 company tax rate & eligibility click here 

 

McLaren Hunt Easter Competition

 

The Easter Bunny has come early at McLaren Hunt!

 The Easter Bunny has delivered some goodies to McLaren Hunt! We want to give this delicious looking choc filled hamper to 1 lucky winner. To go in the draw:
             

 **LIKE, SHARE & TAG TO WIN**

 Go to the McLaren Hunt Facebook Page for your chance to win the Chocolate Easter Basket.
 Competition Entry:
1 - Like our Page
2 - Tag a friend to help you devour all the chocolate
3 - Share this post


Winner drawn Wednesday 28th March 2018.

McLaren Hunt Easter Facebook Competition Terms and Conditions

Small Business Depreciation Rules Extended

 

Small Business Depreciation Rules Extended

The current instant asset write-off threshold for Small Business Entities of $20,000 has been extended until 30 June 2018. These simplified depreciation rules can be used by small businesses with an aggregated turnover of less than $10 million per year. Please contact us or refer to the attached link for more information https://www.ato.gov.au/business/depreciation-and-capital-expenses-and-allowances/simpler-depreciation-for-small-business/

Merry Christmas

   

From the team at McLaren Hunt, we wish you a very Merry Christmas

Our office will be closed from 12:00pm Friday 22nd December 2017 and will reopen at 8:45am Monday 8th January 2018.

Morning Tea Facebook Competition

   

You can have morning tea on us!

We've got ONE to give away!! TO the value of $50.

To go in the draw to win a Morning Tea on Us:
 1. LIKE our page
 2. LIKE & SHARE this post
 3. TAG 1 friends in the comments

Competition closes 12PM Thursday 21st December, 2017.

Morning Tea on Us Facebook Competition  terms and conditions

 

Position Vacant

 

  We have a position available in our Audit & Assurance Division, please see the job description for more details.  
  From 1st July 2017 there has been a new rate introduced for "Regional Victoria" employers. This rate is 3.65% whereas the current rate clients will be paying is 4.85%.

 

To be eligible for the regional rate you must be based in regional Victoria and pay at least 85% of your Victorian taxable wages to regional employees.

 

For further information please contact us or refer to http://www.sro.vic.gov.au/regionalemployers.

"Housing affordability" measures introduced

   

On 7 September 2017, a series of Bills was introduced into the Parliament to move forward with the following "housing affordability" announcements made as part of the 2017/18 Federal Budget.

 

First Home Super Saver Scheme

From 1 July 2018, individuals can contribute up to $30,000 (up to $15,000 a year within existing caps) into superannuation and will be able to withdraw the contributions. These contributions, along with deemed earnings, can be withdrawn for a deposit with withdrawals taxed at a marginal tax rate less a 30% offset.

 

Downsizing the family home

From 1 July 2018, people aged over 65 will be able to make an additional nonconcessional contribution of up to $300,000 into superannuation when they sell their home which they have held for at least ten years. Both members of a couple can take advantage of this measure, meaning up to $600,000 of contributions may be made by a couple from the proceeds of selling their home.

 

Limiting rental property deductions

From 1 July 2017, owners of residential investment properties will have their deductions limited as:

  • travel costs for individual investors inspecting and maintaining residential investment properties will no longer be deductible; and
  • plant and equipment depreciation deductions to new assets only. Following feedback in the consultation process, investors will be entitled to claim plant and equipment depreciation deductions in situations where a developer/renovator tenants a property prior to selling it to an investor, provided the property is:
  • purchased by an investor within six months of the property being completed by a developer/renovator; and
  • the developer/renovator has not claimed depreciation deductions.

Please contact us if you have any queries about the housing affordability announcements.

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