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: –
Prime Minister Malcolm Turnball recently announced changes to the 457 Visa scheme which will have an impact on employers and migrants moving forward. It is important to note that the changes only apply for any new Visa applicants and does not impact the status of any people currently working in Australian under a 457 Visa.
The upcoming super reforms have caused great anxiety amongst the public. The new $1.6 million pension cap and the restrictions on non-concessional contributions once a member has $1.6 million in super have been well publicised and covered in an earlier article on this website. However what has been hidden in all the hysteria is the once off opportunity that exists for proactive accountants and their clients.
With interest rates at historic lows, now is the time to be examining your personal and business loans and ensuring that your loan has a competitive interest rate. The best way to do this is to engage an independent loan broker who has no bias towards any one bank to ensure your loan gets compared to loans across all potential lenders. With many loans tightening up their application process and requirements, loan brokers are playing an even more valuable role in ensuring you receive the right loan with the best rates.
Many small businesses struggle to keep up with their day to day administration. Entering transactions, invoices and bills, reconciling bank accounts, processing weekly or fortnightly payroll and preparing monthly or quarterly BAS. One way to free up your time is to engage an external bookkeeper to perform some or all of these tasks. A bookkeeper is an appealing option as they are cheaper than hiring someone full time and cheaper than usually engaging your accountant to provide the same services. However it is crucial that you find the right person for your business.