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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 →

SuperStream deadline for small businesses

SuperStream deadline for small businesses

With the 30 June 2016 rapidly approaching, the Australian Taxation Office (ATO) is encouraging small businesses to make becoming SuperStream ready a priority. SuperStream, the standardisation of how employers make super contributions on behalf of their employees, involves employers sending all super payments and employee information electronically in a standard format. Are you SuperStream ready? If you run a small…read more →

ATO statement regarding release of taxpayer data

ATO statement regarding release of taxpayer data

Recently, the ATO received data in relation to a Panamanian law firm containing names of a significant number of Australian residents. Currently the ATO has identified over 800 individual taxpayers and has linked over 120 of them to an associate offshore service provider located in Hong Kong. These cases relate to the release of data by transparency or media organisations…read more →

New key superannuation rates and thresholds

New key superannuation rates and thresholds

The ATO recently announced new key rates and thresholds that apply for the year 1 July 2016 to 30 June 2017 as outlined in the following table: Key Caps 2016-17 2015-16 Concessional contributions caps <49 years of age  $30,000 $30,000 49 + years of age $35,000 $35,000 Non-concessional contributions cap $180,000 $180,000 Superannuation co-contributions (Maximum entitlement $500) Lower income threshold…read more →

Retention of the Australian Charities and Not-for-profits Commission

Retention of the Australian Charities and Not-for-profits Commission

On 4 March 2016, the Government provided certainty to the charitable sector and community organisations by announcing the decision to retain the Australian Charities and Not-for-profits Commission (ACNC). Minister for Social Services, Christian Porter, and Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, said the decision followed extensive consultation with the sector on the alternative option of repealing and…read more →