Blog - Tax

Here's your end of financial year wrap up May 29, 2019

The topics covered in this blog are a snapshot of some of the things to consider as we head towards the end of the 2019 financial year. We will cover the areas of Taxation, Superannuation and Insurance. 

The Budget Summary by Michael Knox - "Without increasing taxes" Apr 3, 2019

While no one was looking, rising commodity prices were generating rising tax revenue.

A Treasurer's speech is usually a budget document. It is crafted as a budget document by the Treasurer’s advisors to include lots of relevant facts. This speech was crafted primarily as a political speech. Much more work has gone into it than is usually the case. It is a document about communication, not just facts.

Tax Residency – We now seem to be certain that Mr. Harding is a resident of the Middle East Mar 14, 2019

With the ever increasing globalisation of trade and commerce, the geographic mobility of many employees has also followed suit. 

Company tax rate lowered from 27.5% Oct 25, 2018

With a speed not usually seen with tax legislation, the Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 was introduced into parliament on the 16th October and passed both houses on the 18th October. The Governor-General gave his royal assent on the 25th October.

Companies that meet the below criteria will have a tax rate of 26% in 2020-2021 and 25% in 2021-2022. To be eligible for the lower tax rates the companies need to;

  • Have an aggregated turnover of less than $50 million; and
  •  Pass the base rate entity passive income test (BREPI) by having no more that 80% of their assessable income as passive income.
This brings forward the 25% tax rate that wasn’t planned to start until the 2026/2027 years.

Additional Tax Deductions for Farmers Oct 10, 2018

There is now further relief for primary producers to allow immediate deductions for fodder storage assets. The 2015-2016 Budget proposed the introduction of legislation that allows primary producers to deduct the capital expenditure of fodder storage assets over three years instead of their effective lives.

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