The new rules to superannuation mean that an employee can make a tax-deductible personal contribution of up to $25,000 to their superannuation account.

The new payroll tax threshold will increase by $100,000 to $850,000 next year (from 1 July 2018), rising to $900,000 in 2019-20, $950,000 in 2020-21 and $1 million in 2021-22.

Understanding the different types of income is important when lodging your own income tax return with the Australian Taxation Office (ATO). The timeframe for lodging your own income tax return is from 1 July to 31 October each financial year. Extensions are not granted to individuals; however, your tax accountant can seek one for you.