What’s new at Locumsgroup?
The Australian Government has raised minimum wage by 3.5%. The minimum hourly rate is now $18.93 per hour, and the weekly minimum wage increased to $719.20.
The HECS threshold has been slashed to $52,000. Those in the lowest HECS repayment bracket of $51,959 to $58,379 will now have to repay 2% of their total income.
Company tax rates lowered
On the 18th of May 2017, the Treasury Laws Amendment Enterprise Tax Plan Bill 2016 was passed, reducing the company tax rate to 27.5% for companies that are considered to be Base Rate Entities. There are still two other company tax amendments pending before the senate. If passed one bill seeks to extend the lower 27.5% tax rate to all corporate tax entities by 2023, working towards a 25% tax rate by 2026, and the other will change the definition of Base Rate Entities to exclude corporate entities that have a passive income of more than 80%. Until these bills pass, the tax rate remains at 30% for companies that are not Base Rate Entities.
Brisbane development sweeps awards!
The most recent residential investment for a number of our clients is The Lucent development in Newstead.
This month Lucent won first place in two categories at the 2018 Master Builders Awards:
- “Best Residential Building over $20M” and
- “Best Pool in a High-Rise Complex”.
Two weeks ago The Lucent reported a re-sale of Apartment 1401 in the building. The original off-the-plan price of this sub-penthouse apartment was $935,000, it has just re-sold for $1,125,000. That’s a 20.00% growth (or $190,000) on a unit that settled in January of this year.
In further news, PRD Nationwide analysed each state in Australia as part of their capital city Affordable and Liveable Property Guide. Brisbane has come in at the top of the list as: Australia’s most Liveable Capital City.
Braxton Chase has secured one of the very last units in Lucent, retained by the developer, for the next few days. It is a large, well-priced, North Facing unit on the 11th Floor.
10% GST For Online Shopping
Online shopping has recently become a little bit more expensive. As of the 1st of July 2018, the Australian Government has applied a 10% GST on all overseas online purchases under $1,000. In 2017 alone, Australians spent $21 billion online. That’s an 18% spike on the previous year, and makes up 6.75% of Australia’s $300 billion retail sector! Will this tax put a dampener on Australia’s online shopping addiction, or will the online shopping industry continue its meteoric boom?
Plan the Financial Year
Plan the Financial Year
Now is a good time for a new year resolution and for you to review your financial situation with one of our advisers.
This process ensures your current strategy remains relevant to your life and on-track with your financial goals and objectives.
It would also give us a chance to see if we can assist in any other areas.
Please contact us if you would like to discuss this opportunity further.
The ATO is getting tough…protect yourself!
The ATO is getting tougher and we believe it is vital that we offer protection to you from potential costly audits. If you are subject of a random audit you will incur additional accounting costs.
If you take out audit insurance, in the event that you are subject to an Audit, Review or Investigation, we will seek to claim our professional fees from the insurer.
Costs for 12 months cover start at $100 per individual, $165 for couples and $320 for SMSF and other entities.
