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The 2016 Federal Budget has been marketed as one driving “Jobs and Growth”.

Ignoring the obvious political connotations given we are heading into a federal election, let’s have a look at the key Budget Measures that will affect you and your business.

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In the recent 2016-17 Victorian state budget there was one change that may positively impact a number of Victorian businesses.

This was the increase in the threshold of Payroll tax from $550,000 to $650,000 progressively over the next 4 years. The payroll tax threshold has not changed since 2002 for Victoria.

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From 1 July 2015 the government has made changes to the way you can claim your work related car travel.

Prior to 1 July 2015 taxpayers could use four different methods to calculate their claims. Read on to see what changes were put in place.

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The top 3 percent of workers could be in trouble this federal budget with persistent whispers in Canberra that the tax rate on super contributions could double for the people who earn more than $180,000 a year. 

Obviously by introducing this measure the current limit would be reduced from $300,000 to $180,000 imposing a 30 percent tax rate on the super contributions of tax payers in this taxable income range. Everybody else pays 15 per cent tax. At the moment the higher tax kicks in when before tax income plus super contributions exceeds $300,000.

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With budget night fast approaching, there is more and more press regarding potential superannuation changes that be made to both Superannuation Contribution limits and also pension or assessing of your super via an income stream.

With all of the uncertainty that currently exists, we suggest you contact your accountant if you are over the age of 55 and not currently drawing a pension from your superannuation. Your accountant will be able to advise the taxation implications of such a pension and talk you through this.

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With the 2016 budget fast approaching it is quite possible that there will be a few changes to the tax system specially focusing on reducing the superannuation tax concessions.

We have noticed that in the days leading up to the 2016 federal budget there has been a lot of talk in the media about the federal government reducing or limiting the tax concessions available in the current superannuation system.

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Yes it is here – the new financial year. For business, and for many individuals it has been a mad month in the lead up to this moment but we have made it. Phew….breathe a sigh of relief.

Ok, now you’ve had your moment….turn your mind to your tax return. Yes, that is what comes next.

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The new financial year will bring some new and very welcome tax breaks for small businesses.

From July 1 the 1.5% reduction in tax handed down by the Treasurer in the May 2015 Federal Budget comes into effect for incorporated companies with an annual turnover of less than $2 million per annum. The new tax rate will be 28.5%.

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One of the benefits for small business springing from the May 2015 budget handed down by the Federal Government is the proposed expansion of accelerated depreciation on assets from the previous $1000 threshold.

The proposal allows small businesses (with an annual turnover of less than $2 million) the opportunity to immediately claim their tax deduction on each new asset that cost less than $20,000. This measure applies to assets obtained after 7:30pm on Tuesday 12 May (until 30 June 2017). Sole traders and partnerships will need to seek further advice as they may be impacted by non-commercial loss rules and the new measure may will only apply if all the deductions from the business activity for the year exceed the income from that activity.

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The new tax breaks for farmers that were announced in the Federal Government’s May budget have been brought forward and are now effective immediately. These measures are aimed at assisting farmers to better prepare for times of drought.

Initially the tax breaks were not due to take effect until the 2016-2017 financial year meaning that farmers would not have been able take full advantage of the new measures until they lodged their 2017 tax return.

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Posted by on in Sharp Accounting Blog

Well the new year has begun and the first month is nearly over already. Do you want to make this year one to remember, one where you (and your business) moved forward and some of those dreams you have had are realised? If the answer is YES then now is a great time to put some written goals in place for the next 3, 6 & 12 months. These goals should cover off on your business and personal goals.

For your business the goals these may be ones like the following; “the business growing sufficiently for you to take a half day off each week to play golf/spend with family” OR “for the to be sufficient cash flow to allow for your personal family living expenses of $100,000 per year AND a reduction in your debt levels by say $50,000 by 31st December 2015”. You will see with both of these example business goals that they are able to be measured and checked back on for updates on your progress.

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