The Australian Government has introduced some positive improvements for Primary Producers in the recent budget announcements: Improving the Farm Management Deposit Scheme From the 1st July 2014, the ATO are raising the non-primary production income threshold from $65,000 to $100,000. The new tax laws have changed to allow...
Government has proposed legislation to give effect to several changes affecting the Age Pension. What are the changes? To receive a full pension: From the 1st January 2017, the Government will increase the assets test limit to qualify or a full pension from $286,500 to $375,000...
Parliament has passed legislation which will implement a 2015 Budget measure to reduce the company tax rate from 30% to 28.5% for companies that are small business entities with an aggregated turnover of less than $2 million. Those companies with aggregated annual turnover of $2 million...
Did you know that primary producers are provided with special tax concessions due to the nature of their business? There are major tax concession available in regards to some depreciating assets. A depreciating asset is an asset that has a limited effective life and can reasonably...
Some of you may have heard of SuperStream, others may be wondering what it is? Basically the ATO are looking to simplify how employers make superannuation contributions for their employees while saving time and reducing costs. So what is SuperStream? SuperStream is a government reform aimed at improving...
The recent federal budget has seen some really good deductions available to Small Businesses. In an attempted to simplify the depreciation regime for small businesses which has seen a number of amendments in recent years. What changes will be affecting taxpayers in 2015? Assets purchased and installed between...