What’s changed since you did your taxes last year? | Colby Business Services
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What’s changed since you did your taxes last year?

Written by Jenneth Orantia

Jenneth has more than 20 years of experience in media and communications. She provides guidance to small businesses looking to acquire new customers using owned, earned, paid and social channels. She is currently completing a Masters of Marketing degree.

19 August 2019

A lot, actually.

In a nutshell:

You may not receive a payment summary from your employer this year. Since most employers are now required to report their employees’ income, tax and super directly to the ATO, we actually have all of the information we need to file our taxes. That’s right – you won’t have to butter up Karen from accounts to get that document any more!

You may not receive a private health insurance statement from your health insurer. From 1 July 2019, they’re no longer required to send members this statement. 

Instead, this information should be pre-filled into your ATO form by 20 July.

Changes to the income tax thresholds. We won’t try and paraphrase this, as it’s a little more complex, but essentially it amounts to us paying less tax. The ATO has a good summary here. It also means that those earning between $48,000 and $90,000 get a tax rebate of $1,080! (Those on lower or higher incomes get less than that.)

Be sure to speak with one of our tax agents to make sure you’re across all of the relevant changes for your circumstances.

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