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2016 NFP Governance and Performance Study

2016 NFP Governance and Performance Study

On 1 September 2016, the Australian Institute of Company Directors (AICD) released the 2016 NFP Governance and Performance Study. The 2016 Study, entitled Raising the Bar, highlights the key themes, challenges and opportunities the not-for-profit sector is currently facing. Compiled from focus groups, one-on-one interviews and a survey of NFP Directors and Executives, the 2016 NFP Governance and Performance Study…read more →

Last Minute year-end Tax Tips

Last Minute year-end Tax Tips

With 30 June upon us, here are some last minute tax tips for your business. For full details, please refer to our End of Financial Year edition of Words of Wisdom. Timing of income Consider issues associated with the timing of income close to 30 June, such as: the time of billing work in progress; timing of sales income; and…read more →

Get the ATO App – photograph your tax receipts – WoW!

Get the ATO App – photograph your tax receipts – WoW!

The ATO App provides tax and superannuation help on the go! If you are individual taxpayer, small business owner or self-managed superannuation fund trustee, the app allows you to access relevant tax and superannuation information and tools in one place. The app includes a range of features such as: Enrol and use your voiceprint for fast, easy and secure access…read more →

SuperStream: Final Countdown

SuperStream: Final Countdown

It’s the final countdown to get ready for SuperStream and the Australian Tax Office (ATO) is urging small business yet to implement SuperStream to act now. All businesses, regardless of size must be compliant with SuperStream by 30 June 2016. SuperStream data is in a standard format to enable transmission consistently across the superannuation system – between employers, funds, service…read more →

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 →