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: –
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.