With the Federal Budget’s proposed changes to superannuation taking all the attention, many clients are not aware of an interesting new piece of legislation that commenced just over 12 months ago on 1 July 2016. These new regulations offer extensions to CGT exemptions that can apply to small businesses.
It is getting close to 30 June, and advertisements will flood the airwaves regarding getting private health insurance to avoid a large tax bill – but is this really true?
With the massive changes to the superannuation regime occurring on 1 July 2017, many may have missed another tax reform that will be applying to small business from that date which should help cut the administration time and costs in preparing their business activity statement (BAS).
The end of financial year is fast approaching and for those clients with discretionary or family trusts, it is time to start thinking about preparing trustee resolutions indicating how the profit of the trust will be distributed amongst its beneficiaries.
The Turnbull Government has released its latest Federal Budget and although it does not contain any of the earth shattering superannuation reforms that the previous budget did, it still has many measures which will impact individuals and small businesses moving forward. Here is a summary of these proposed measures: –
The 2017-18 State Budget has been delivered and there is good news for businesses in the form of changes to payroll tax. The Budget proposes the following changes: –