2016 Federal Budget Summary

2016 Federal Budget Summary

On Tuesday 3 May 2016 the New Treasurer Scott Morrison released his 1st Federal Budget. The Treasurer stated the budget was “not just another budget but in fact was an economic plan to head into a diverse new world economy for Australia”. The Treasurer...
Budget Super changes

Budget Super changes

As announced in our May 2016 newsletter, there are major changes upcoming for the superannuation area. As stated previously the Government seems to have its short sighted blinkers on in relation how people will be able to fund for their retirements with some...
Budget Super changes

Salary Sacrifice

Salary packaging (also known as salary sacrificing) can help boost your superannuation savings and may reduce the amount of tax you pay as well. To encourage Australians to save more for their retirement, superannuation has a concessional rate of tax. Contributions...
Budget Super changes

Fringe Benefits Tax

Fringe Benefits Tax – the end is near! The FBT year ends on 31st March and there a couple of items to keep in mind, please make a note of your work vehicle(s) odometer reading on 31st March 2016. We will be asking for that reading when preparing your business tax...
Budget Super changes

New Laws from 1 July 2016

New laws come into force from 1/7/16 in relation to what advice and services can be provided by accountants in relation to superannuation. From this date accountants will not be able to provide advice in relation to setting up, winding up, contributions and pension...