MAP - August 2019 Update
$1080 Tax Offset Explained
You may have heard of the Low & Middle Income Tax Offset (LMITO) announced by the Taxation Office, and expected an additional $1,080 tax refund for 2018/2019. Not everyone is entitled to the offset.
Do you qualify?
If during 2018/2019, your taxable income was:
- Between $48,000 and $90,000 you will receive the full $1080 offset.
- Between $37,000 and $48,000 you will receive $255 plus 7.5% of every dollar over $37,000.
- Between $90,000 and $126,000 you will receive $1080 minus 3% of every dollar over $90,000.
- Under $37,000, sorry you miss out.
Single Touch Payroll
Single Touch Payroll (STP) has now commenced for employers with less than 20 employees. Applicable businesses should now be lodging relevant STP data as part of their payroll routine.
If you need help implementing STP in your business please contact our office to discuss options available to ensure you are compliant.
Taxable Payments Annual Report
If you are in the building and construction industry, cleaning service or courier service, you need to lodge the taxable payments annual report by 28 August 2019. This report notifies the Taxation Office the payments made to contractors during the past financial year.