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Tax

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News relating to tax

What now for the GST?

Fifteen years after the introduction of the GST in Australia debate still rages over what should be taxed and whether the GST rate should increase.

Unless the Government changes the GST Act, any change requires the approval of the States and Territories.  The Treasurers’ workshop late last month resolved to keep […]

By |8 September, 2015|Tax|Comments Off on What now for the GST?

Treasurer raises ‘idea’ of personal tax cuts

Who doesn’t like a tax cut when they personally benefit from it?  In a recent speech, the Treasurer said that personal tax cuts were required to prevent ‘bracket creep’ – that’s jargon for what happens when the tax rate thresholds don’t keep pace with inflation and more people are pushed […]

By |6 September, 2015|Tax|Comments Off on Treasurer raises ‘idea’ of personal tax cuts

Top small business $20k deduction Q&As

In a recent speech, Small Business Minister Bruce Bilson stated that a lot of his time talking about the $20,000 immediate deduction for small business was convincing people it was not a hand out.

“I have spent a lot of my time explaining that asset write-off mechanisms aren’t grants, they are […]

By |20 August, 2015|Business, Tax|Comments Off on Top small business $20k deduction Q&As

The widening tax gap between residents and non-residents

If you are not an Australian resident for tax purposes, you are excluded from many of the tax breaks available to residents and an increasing target of the Australian Taxation Office.  We explore the widening gap between residents and non-residents.

Scrutiny of Australian investments
With residential property prices soaring, foreign investment and […]

By |17 August, 2015|Tax|Comments Off on The widening tax gap between residents and non-residents

Budget 2015 – what’s in it for my small business?

This year’s federal Budget contained great news for small business.
The $5.5 billion small business package includes:

a 1.5 % corporate tax cut (from 30% to 28.5%)
new accelerated depreciation rules, which allows an immediate tax deduction for any individual assets purchased less than $20,000. This $20,000 limit applies to each individual item, […]

By |14 May, 2015|Tax|Comments Off on Budget 2015 – what’s in it for my small business?

5 steps to a tax-free Christmas

Tax is not the most exciting thing to think about in the lead up to Christmas, that we know. But these are the questions we get asked all the time, and if you are familiar with all the tricks and traps, you can save yourself and your business hundreds if […]

By |2 December, 2014|Tax|0 Comments

How to plan for the 2% debt tax

The introduction of the debt tax, or the Temporary Budget Repair Levy as it is formally known, may be the only certainty in the Government’s first Federal Budget delivered on 13 May.

The rest – co-payments for doctor’s visits, deregulated university fees, cuts to family benefits, tightening of access to disability […]

By |10 June, 2014|Tax|0 Comments

Top 5 simple tax saving strategies

Here they are folks, the top 5 simple tax saving strategies that you can implement quickly and easily.

Planning on giving to charity?  Make a donation now and claim the deduction this year. If you donate monthly to charities, think about paying the full year’s worth of donations upfront and take […]

By |1 June, 2014|Tax|0 Comments