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2018 Federal Budget Changes – Businesses

The $20,000 Asset Write Off Has Been Extended! The Government has announced in the budget that it will extend the $20,000 Asset Write Off for another 12 months to 30 June 2019 for businesses with an aggregated annual turnover of less than $10 million. Small businesses...

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2018 Federal Budget Changes – Individuals

Personal Tax Cuts in a 3 Step Plan to be Implemented Over 7 years Step 1: Target Relief for Low and Middle Income Earners The government will introduce the Low and Middle Income Tax Offset (LAMITO) which is a non-refundable tax offset of up to $530 per year made...

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Step 4 in Maximising Superannuation

Step 4 in maximising your superannuation benefits is being proactive in the investment of your super. You need to make it work for you with income returns and capital growth but you also need to protect yourself from any market crashes and individual investment...

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Step 3 in Maximising Superannuation

Step 3 in maximising your superannuation benefits is utilising two of the four small business capital gains tax concessions being the Retirement Exemption and the 15 Year Exemption. You need to meet the basic conditions to be eligible to use these concessions which...

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Step 2 in Maximising Superannuation

The non-concessional contribution cap reduced to $100,000 per year from 1 July 2017 which changed the 3 year bring forward rule to $300,000. Non-concessional contributions are after-tax contributions that you contribute to your super fund. People between the ages of...

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Step 1 in Maximising Superannuation

The concessional contribution cap for deductible super contributions has reduced to $25,000 per year for everybody from 1 July 2017 except for an exemption for people with account balances of less than $500,000 from 1 July 2018 usable in 2020 FY. Concessional or...

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Corporate Tax Rate Reduced for Small business

For the 2017 Financial Year, the corporate tax rate for small businesses was reduced from 28.5% to 27.5% and the aggregated turnover threshold to quality as a small business was increased from $2 million to $10 million. This reduces the income tax that corporate small...

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$20,000 Instant Asset Write-Off

The $20,000 instant asset write-off continues for small businesses until at least 30 June 2018. Small businesses with a turnover of less than $10 million can deduct the business portion of each capital asset they purchase that costs less than $20,000. The $20,000...

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