Latest news

  • Superannuation

    Changes from 1 July 2017 There are major changes to the superannuation system affecting individuals and self-managed superannuation funds (SMSFs). Please contact us if you would like to discuss how they may affect you. Superannuation contributions The concessional and non-concessional contributions caps for the 2016/17 tax year stays the same from the previous year (concessional […]

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  • Fringe Benefits Tax

    FBT Rate The FBT rate for the year ending 31 March 2017 is 49%. Work-Related Portable Electronic Devices From 1 April 2016, small businesses that provide their employees with more than one work-related portable devices can access the FBT exemption even if the additional items have similar function as the first device. Salary Packaged Meal […]

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  • Income Tax Changes for Individuals

    Tax Rates From 2016/17 tax year, the tax threshold at which the marginal tax rate of 37% applies has increased to $87,000 (previously $80,000). Norfolk Island Residents From 1 July 2016, the income tax and Medicare levy exemption for Norfolk Island residents have been removed. ADF Personnel Deployed in Afghanistan If you are a member […]

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  • General Year End Tax Planning Strategies

    Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2017/18 compared to 2016/17. Most businesses are taxed on income when it is invoiced. Some small businesses may be taxed only when income is received. Income from construction contracts is generally taxed […]

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  • Income Tax Changes – Small Businesses

    Tax Rate – Proposed The tax rate for small business entity companies has been proposed to be reduced to 27.5% from 1 July 2016. It has also been proposed that the small business turnover for most concessions be increased from $2m to $10m. Individual small business taxpayers are entitled to 8% discount (increased from 5%) […]

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