Professional tax planning, preparation and problem resolution services for individual taxpayers. We can help you with annual tax lodgements and ongoing tax support. We specialise in expatriate tax support, resolving tax non-compliance issues and identifying opportunities and strategies to minimise future liabilities.
All in Federal Budget
The 2018 Federal Budget proposes changes to the tax rates over 7 years which almost certainly will not happen.
In the midst of the Global Financial Crisis and the rapid increase in spending by the Federal Government, I wrote at the time that Australia’s long run of budget surpluses had come to an end and to prepare for a ‘decade of deficits’. At the time, it seemed impossible to most people.
The proposal by the Labor Opposition needs to be considered carefully with the real prospect that there could be a change of Government within 12 months, with the half Senate election due by May 2019. From the current Government’s perspective, the May 2018 Federal Budget was an opportunity to affirm franking credits continue to be ‘refundable’.
Being complacent with tax in your life is exactly what the Government and the Australian Taxation Office want you to be, to minimise your wealth and to work as long as possible.
The focus this week has been on the announcements made in Tuesday's Federal Budget, but Tax Services Australia can reveal that combined with budget changes announced in the 2012 Federal Budget, 5 years ago, will be devastating for many Australians living and working overseas.
Small business changes:
The $20,000 instant write-off will continue for another year for small business, to 30 June 2018;
Company tax rate to be phased-down from 27.5% to 25.0% over a period of 10 years.
In this article we summarise the personal tax changes for 2017.
The 2017 Federal Budget continues to hit non-residents of Australia, with several initiatives directed toward collecting more revenue for the government.
Personal investment and superannuation changes:
Investors who acquire real estate after 9 May 2017 which includes assets / fittings, etc within the property, which could previously be valued and captured for depreciation purposes will no longer be able to claim these tax deductions;
The Federal Budget will be delivered next Tuesday night 9 May 2017, but right now you need to be acting on last year’s highly contentious announcements to avoid being exposed to higher taxation. Sticking with the status quo may cost you!
The 2016 Federal Budget introduces some major changes and new concepts to how our retirement savings system will work from now on including:
There are some tinkering at the edges for business:
Currently if you earn a salary from an employer you are generally deemed to be receiving employer superannuation support, and tax law has prevented you from claiming personal tax deductions for any personal superannuation contributions you have made.
There are some small movements in the marginal tax rates for individual taxpayers:
In the run up to the 2016 Federal Election there are the perennial favourite issues rolled-out by the media and opposing political forces, everything from the very-fast-train (that is a very slow argument) to a second international airport in Sydney (oh, that’s proceeding) to the Government collecting more taxes via superannuation and bracket creep.
The 2015 Federal Budget provides expectations (better than ‘expected’!) of another $76 billion in deficits over the two tax years 2015 and 2016, and we haven’t had a recession for 20+ years.
There is no economic sense or equity in the myopic and jealous low to medium income earners of the media who lead the vanguard against the ‘excesses’ of negative gearing, many of whom are the sons and daughters of the baby boomers and even Generation Xs who showed the way of negative gearing, especially for investment properties.
For months the low and moderate paid media with little or no financial experience or nous, who almost invariably have next to nothing in their superannuation accounts and who are jealous of those who do, have been in a lather amongst themselves …
The $20,000 write-off limit per asset is remarkably generous, and will clearly benefit every business in different ways.
The attack on foreigners, especially hard-working Aussies expanding their knowledge and experience overseas continues unabated.
