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Business Start-up

A business in start-up should be an exciting time, not one of stress of the unknown.

Business Start-up
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Grow your Business

Do you want to grow your business? Are you looking to expand, increase revenue and grow your profits?

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Expand your Business

Do you plan to expand your business into new locations? Perhaps you'd like to franchise, or take on licensees?

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Protect your Assets

As important as acquiring assets is the need to protect them.

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Have you considered all the possible reasons why you might exit your business, and have you put a contingency plan in place for it?

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May 2013 - Budget Edition

In this issue:

  • Tax changes affecting Individuals and Families
  • Capital Gains Tax changes
  • Superannuation changes
  • Tax Administration changes – various funding to the Australian Taxation Office
  • Other measures

To download a full copy of our newsletter, click here.

The 2013-14 Federal Budget

The 2013-14 Federal Budget was handed down on 14 May 2013. The Budget was fairly moderate and, like the 2012-13 Budget, is designed to set a pathway towards a surplus in the future.

The main focus of the Budget is to protect the corporate tax base from international profit-shifting and erosion, close certain loopholes and better target certain tax concessions. However, there are changes that affect everyone.

Tax changes affecting Individuals and Families

  • Change to Medicare levy low income thresholds from 1 July 2012
  • Changes to HECS-HELP 
  • Phase out of net medical expenses tax offset
  • The end of the Baby Bonus and new family payment arrangements
  • Deferral of increase in tax-free threshold 
  • Certain disaster payments to be exempt from income tax
  • Capping of work-related self-education expense deductions

Capital Gains Tax changes

  • CGT and Non-residents - further changes
  • CGT and native title benefits

Superannuation changes

  • Reduction of higher tax concession for superannuation contributions of very high income earners
  • Reforms to excess contributions tax
  • Higher concessional contributions cap
  • Low income superannuation contribution

Tax Administration Changes – Various funding to the Australian Taxation Office

  • Trusts and Tax Avoidance
  • Extension of monthly PAYG instalments to other large entities 
  • Increased compliance checks on offshore marketing hubs and business restructures
  • Expanding data matching with third party information
  • Enhancements to Standard Business Reporting, Australian Business Register and ABN administration 

Other measures

  • Tax agent services licensing regime
  • Establishment of Tax Studies Institute and Tax System Advisory Board

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