Obtain A Quote

Archive for May, 2016

Small Business entity threshold jumps to $10 million

Small Business entity threshold jumps to $10 million

In a significant win for business, the 2016/17 Federal Budget proposes to increase the small business entity turnover threshold from $2 million to $10 million from 1 July 2016. The reform will give a greater number of businesses access to a range of tax concessions such as: The lower small business corporate tax rate (27.5%); Simplified depreciation rules including immediate…read more →

Reducing the company tax rate over 10 years to 25%

Reducing the company tax rate over 10 years to 25%

As part of the 2016/17 Federal Budget tax measures, the Government has embarked on a program to lower the corporate tax rate to 25% for all companies over a period of 10 years (that is, by 1 July 2026). The corporate tax rate is currently 28.5% for small business entities (with annual aggregated turnover of less than $2 million) and…read more →

Budget 2016/17 – Personal tax income thresholds

Budget 2016/17 – Personal tax income thresholds

The 2016/17 Federal Budget did not burden individual taxpayers with any direct tax increases, however, as detailed in our earlier posts, some high income earners may be effected by a range of other announced measures, including reforms to superannuation.  Middle income earners have been afforded modest tax relief due to a proposed change to the threshold from which the second…read more →

Concessional contributions cap reduced

Concessional contributions cap reduced

The current contributions cap will reduce to $25,000 from 1 July 2017. From 1 July 2017, the Government will include notional (estimated) and actual employer contributions in the concessional contributions cap for members of unfunded defined benefit schemes and constitutionally protected funds. Members of these funds will have opportunities to salary sacrifice commensurate with members of accumulation funds.  For individuals…read more →

Catch-up concessional contributions

Catch-up concessional contributions

As part of the 2016/17 Budget measures, if your superannuation balance is less than $500,000 you will be able to make additional concessional contributions if you have not reached your concessional contributions cap in previous years. Amounts are carried forward on a rolling basis for a period of 5 consecutive years, and only unused amounts accrued from 1 July 2017…read more →

back up ↑