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Happy new financial year. In our client update for this month, we're exploring some recent changes to the Australian tax system that came into play on 1 July. We're also exploring what is – and isn't – acceptable circumstances for accessing your superannuation early.

As always, if you have any queries, contact our team on 9957 4033.

	Accessing your super before retirement There are very few ways to access your super before retirement, despite the temptation to access the cash for other needs.
	Company Tax Cuts Remain in Limbo Company tax cuts have yet to pass Parliament, leaving business owners with the uncertainty of when (or if) they will benefit from lower tax rates.
	1 July 2018 Personal income tax cuts The first two stages of the Government's tax cuts have passed through the Senate, so what does this mean for taxpayers?
	$10k limit on cash payments to business One of the interesting approaches to tackling the black economy in the recent 2018-19 Federal Budget was the announcement of a $10,000 limit on cash payments to business.
	$20k accelerated deductions for small business extended another year The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019.
	New GST obligations for property purchasers From 1 July 2018 purchases of new residential premises or newly subdivided residential lots will be required to pay the GST amount directly to the ATO rather than to the vendor.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.