This year’s federal budget in many ways lived up to its hype. It was mostly a dull and boring affair – but there were some surprises.
Small business owners have plenty to smile about. The 1.5% tax rate cut has been confirmed, but it’s also been extended to unincorporated small businesses to the tune of 5%. They’ll also get an immediate deduction for all individual assets they have costing less than $20,000. Employee Share Scheme rules have been simplified, as have car expense claim deductions. But pension thresholds have been extended and part pension taper rates tightened.
2015-05 – MBS Monthly Update [Federal Budget].pdf
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)
Business pressures often see employers rationalise operations, which give rise to termination payments. But these can be far from straightforward from a taxation perspective. We spell out the complexities.
Another complex area for businesses centres on the characterisation of staff as employees or contractors, especially with regard to obligations for the Superannuation Guarantee and PAYG withholding.
Are you a resident or non-resident for tax purposes? It may seem like a simple conclusion to draw, but for the taxman the answer may not always be so clear-cut. We look at the differences, and the advantages and disadvantages of each tax status. We also touch upon what “robo” advice will mean for SMSF trustees, and whether you can claim GST credits for reimbursing an employee for an expense.
2015-05 – MBS Monthly Update.pdf
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)
