The Australian Federal budget has come and gone for another year. Below is a very brief summary of the budget’s key items.
- A shake up of the personal income tax rate brackets. Most Australians will pay less tax under the proposed approach although the full effect of the changes won’t take place for a number of years. We will have to wait and see if the new measures are implemented as planned!
- Medicare Levy to remain at 2%.
- SMSF memberships can increase to 6 members.
- A pension work bonus for older Australians.
- Extended accelerated depreciation for businesses.
- Deductions denied for vacant land.
- A range of increased restrictions and supervision to catch cash economy transactions.
Feel free to contact our office if you would like any additional information.
The end of the financial year is fast approaching. Using your last 9 months of data we can estimate your tax position for the year ended 30 June 2018 allowing sufficient time to implement tax planning strategies.
Please contact our offices if you are interested in tax planning. Tax planning includes but is not limited to:
- Deferring assessable income
- Accelerating deductions
- Capital Gains Tax
- Debt & Equity implications
- Salary sacrificing
- Low income tax offsets
- Non commercial losses
- Trust distribution calculations and resolutions
- Unpaid present entitlements
- Closely held trust measures
- Family trust elections
- Division 7A
- Declaring dividends
- Fringe Benefits Tax
- Research & Development grants
- Any other special circumstances you have had during the year
This newsletter includes the following interesting articles:
- Harassment in light of #MeToo
- Single Touch Payroll
- Priorities for ACCC in 2018
- Year end mistakes
- Handing a family business over to the next generation
- Making better business decisions
- Business Values
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