Changes to individual tax rates and the introductions of ANOTHER income offset The Government will introduce a seven-year, three-step, Personal Income Tax Plan. Step 1: Targeted tax relief to low and middle income earners The Government will introduce the Low and Middle Income Tax Offset, a non-refundable tax offset of up to $530 per annum to Australian…
In order to best protect assets and have flexibility with cash flow and paying the right amount. Basic strategies Minimise exposure to risk:- (eg don’t try to take out risky behaviours in business or personal life) Insure against risk (take out the right insurances) Avoid owning assets in entities where risk is attached. Asset protection…
We are already in March. 30 June will be here before we know it (Its less than 12 weeks away) Too often, we end up suffering because we have procrastinated and not made a decision to do something about it. If we all leave tax planning until the end of May and early June, there…
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Most people start with the will itself, however this is only half the story. Although a will is vital, it only comes into force once you die. An Enduring Power of Attorney (EPOA), on the other hand, enables your assets to be dealt with while you are still alive in the event of incapacity or…
The tax office is warning employees there is no such thing as a “free pass” when claiming car deductions each year, while small business owners with vehicles have been reminded to check in with their accountants about what deductions they are entitled to. The ATO recently made a statement warning taxpayers not to simply claim…
Definition of Small Business now up-to-10 million in turnover, instant asset write-off still there for another 12 months. The government’s hard-fought change to the corporate tax rate for small businesses has also altered the definition of “small business” to now include companies with up to $10 million in annual turnover, meaning budget pledges to extend a number of…
Personal Income Tax There are no changes to the individual tax rates this year. However, the Temporary Budget Repair Levy that was introduced in the 2014-15 Federal Budget will cease on 30 June 2017. This levy was 2% of an individual’s taxable income that exceeded $180,000. The effective top marginal tax rate for individuals reduces…
Many people would assume that a gain made on the sale of a rental property held for nearly 10 years would be a capital gain eligible for the 50% general discount. However, in a recent decision by the Full Federal Court, the length of time an investment property had been owned was judged not as…
What every employer needs to know about fringe benefits. On 31 March 2017, the Fringe Benefits Tax (FBT) year ends. The ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. To help you meet your fringe benefits obligations, we’ve put together a list…
