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Business Start-up

Business Start-up

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

Business Start-up
Grow your Business

Grow your Business

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

Grow your Business
Expand your Business

Expand your Business

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

Expand your Business
Protect your Assets

Protect your Assets

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

Protect your Assets
Exit your Business

Exit your Business

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

Exit your Business

May 2014 - Business News

In this issue

  • Budget measures affecting individuals and families
  • Changes to superannuation
  • Changes to tax administration
  • Measures affecting companies and trusts
  • Fuel excise

The 2014-2015 Federal Budget

The 2014-15 Federal Budget was handed down on 13 May 2014. This Budget is intended to reduce the deficit from the current level of $49.9 billion to $29.8 billion. Read more

Budget measures affecting individuals and families Changes to Superannuation

Temporary Budget Repair Levy

 

Over the next three years, starting from 1 July 2014 and ending on 30 June 2017, individuals who have a taxable income greater than $180,000 will have to pay the budget repair levy of 2%. Read more

Dependent spouse tax offset to be abolished

 

From 1 July 2014, the dependent spouse tax offset (DSTO) will be abolished for all taxpayers. Read more


Mature age worker tax offset abolished


The mature age worker tax offset (MAWTO) will be abolished from 1 July 2014. Read more


Medicare levy low-income threshold for families increased


The increase to the Medicare levy low-income threshold for families applies to the 2013-14 income year. Read more


First Home Saver Accounts scheme to be abolished

 

The First Home Saver Accounts (FHSA) scheme will be abolished from 1 July 2015. The Government has made this decision due to lower than forecast take-up rates of these accounts. After this scheme is abolished, FHSA accounts will be treated like any other account held with a relevant provider. Read more


Tax receipts for individuals


From 1 July 2014, taxpayers will receive a "tax receipt" from the ATO that will show taxpayers in dollar terms how their taxes were spent on each budget area. Read more


Changes to HELP repayment thresholds,
indexation, and loan fees


The following changes will be made to the Higher Education Loan Programme (HELP). Read more


Increased Newstart eligibility age

 

The eligibility age for the Newstart Allowance and Sickness Allowance will increase from 22 to 24 years from 1 January 2015. Read more


Family Tax Benefit reforms and new single parent benefit

 

A number of changes are being made to the Family Tax Benefit and New Single Parent Benefit. Read more


Changes to the Medicare system


There are a variety of changes being made to the Medicare system that will affect patient contributions, indexation of fees and thresholds and Medicare safety net arrangements. Read more


Pension age increase and other pension reforms


There are a variety of changes occurring that will affect the pension. Read more

Changes to Superannuation

Superannuation Excess Contributions

For contributions made after 1 July 2013, the government will allow individuals to withdraw excess contributions and associated earnings that breach the non-concessional cap.
Read more

Rescheduling the increase in superannuation guarantee rate

The scheduled increase to the superannuation guarantee rate is changing and will no longer be paused at 9.25% for another two years. Read more 

Changes to tax administration

Tax compliance through third party reporting and data matching: start date deferred


Last year's Budget saw the introduction of an initiative to strengthen third party reporting and data matching to assist the ATO with its compliance work and revenue collection. Read more

Minor amendments to tax laws

A series of minor amendments to the tax and superannuation laws will be made to correct technical defects, remove anomalies and address.. Read more

Inspector-General of Taxation to manage certain tax complaints

From 1 July 2014, the Commonwealth Ombudsman's case management of tax complaints will be transferred to the Inspector-General of Taxation (IGT). Read more

Measures affecting companies and trusts

There are a variety of measures that were included in the Budget that impact some companies and trusts.

·         Deferral of the start date for the MIT system

·         R&D tax incentive

·         Modified consolidation integrity measures

·         Foreign resident CGT regime: modification of integrity measure Read more

Fuel excise

Biannual indexation to CPI of excise and excise-equivalent customs duty for all fuels except aviation fuels will be reintroduced. The purpose of this is to secure funding for additional road infrastructure projects. The change is to take effect from 1 August 2014.

 

 

 

 

 

 

 

 

 

 

 


 

 

 




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