First home buyers
The $500 million First Home Loan Deposit Scheme is set to come into effect January 1, supporting up to 10,000 loans on a first in, best dressed basis.
The scheme, which will guarantee loans for up to 15% of the purchase price, will be available to first home buyers with taxable incomes up to $125,000 p.a for singles and up to $200,000 p.a for couples, and apply to principle and interest loans only.
Super changes
Those with multiple employers will have the option to stop receiving superannuation payments from some employers. The move is designed to prevent employees going over their concessional contributions cap
Later in the year
1) For starters, taxpayers now won’t receive an end of year payment summary from their employer. Through the ATO’s new single touch payroll (STP) system, employers now report payroll data in real time to the ATO. As such, the ATO has removed the obligation for employers to provide year end information to employees.
2) there are major changes planned to the Division 7A rules planned to start from July 1, 2020. These affect shareholders of private companies that take money out of their company without accounting for it as either wages/salary or as a dividend (for instance, if you’ve taken a loan from your company).
3) Aussie expats will be stripped of their tax exemption for a main residence after the Australian Senate passed the Treasury Laws Amendment Bill 2019.
You need to be talking to your accountant now to understand the impacts on you and what you can do to be ready for the new rules.