Viewing entries tagged
Federal Budget

What’s changing on 1 July 2018?

What’s changing on 1 July 2018?

For individuals there are personal tax bracket changes coming from 1 July 2018 - The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*.

2018 Federal Budget Update

2018 Federal Budget Update

The 2018 Federal budget was handed down by Treasurer Scott Morrison in Canberra on Tuesday 8 May in the midst of Australia experiencing its 27th year of consecutive growth.

Tax write offs for small business explained

Tax write offs for small business explained

Small business tax write-off measures that were introduced in a previous Federal Budget allowing small businesses with a turnover up to $2million to immediately deduct assets of up to $20,000 per item, instead of having to claim deductions over a number of years has been proposed to be extended until 30 June 2018.  

The proposed increase to small business tax offset

The proposed increase to small business tax offset

You may or may not be aware that the Government announced in the 2016-17 Federal Budget that the small business tax offset rate would incrementally increase from 5% to 16% over a 10 year period.