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…
DetailsIn 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…
DetailsWe 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…
DetailsMost 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…
DetailsThe 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…
DetailsFrom 1 July 2016, the aggregated turnover threshold for small business eligibility has increased from $2 million to $10 million. This change allows more entities to benefit from the following small business concessions in the 2017 tax year: The simplified depreciation rules – small businesses are still eligible for the immediate deduction for depreciable assets…
DetailsBig tax change becomes law (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…
DetailsPersonal 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…
DetailsDefinition 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…
DetailsPersonal 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…
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