Harper News

Federal Budgets

 In this category you'll find some interesting topics regarding the 2012 - 2013 Federal Budget.  It covers topics from health to business to where your tax dollar goes.

Federal Budget 2016 - Other measures

GST will apply to low value imports From 1 July 2017, the GST will apply to low value goods imported by consumers, although no mention was made as to what the threshold value may be. The intent o...

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Federal Budget 2016 - Superannuation

Concessional contributions cap will be reduced The annual cap on concessional superannuation contributions will be reduced to $25,000 from 1 July 2017. There will be one cap for all taxpayers irr...

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Federal Budget 2016 - General business

Reducing the company tax rate to 25% The government will reduce the company tax rate to 25% over 10 years. The rate will firstly be reduced to 27.5%, and then it will be reduced progressively to...

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Federal Budget 2016 - Small business

Increasing the small business entity turnover threshold The government will increase the small business entity turnover threshold from $2 million to $10 million from 1 July 2016. The current $2 m...

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Federal Budget 2016 wrap up

The budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase ...

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Your $20,000 immediate write-off questions answered

In the recent Federal Budget, the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000. This measure, which has now been written into law, applies from the 2015 Budget night (7.30pm [ACT time], May 12) to June 30, 2017.

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Federal Budget 2015 wrap-up

Federal Budget 2015 wrap-up
Small business is a sector that came out a clear winner from the 2015-16 federal budget delivered by the Treasurer Joe Hockey. Despite the lead-up mutterings that the budget was going to be “dull and boring”, there were nevertheless a few surprises contained in the pages of the budget papers.

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International tax 2015 Federal Budget

The government intends to change the tax residency rules so that most people who are temporarily in Australia for a working holiday as non-resident for tax purposes, regardless of how long they are in Australia, will continue to be taxed as a non-resident.

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Superannuation 2015 Federal Budget

In the 2015-16 federal budget, the government reiterated that it will not introduce any new superannuation taxes during this term of government. Accordingly, no new superannuation measures were announced, including any changes to the limited recourse borrowing arrangements.

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Tax Administration 2015 Federal Budget

The government announced that it will provide $127.6 million over four years to a “serious financial crime taskforce” for investigations and prosecutions that will address superannuation and investment fraud, identity crime and tax evasion.

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General business 2015 Federal Budget

In early 2015, the government released draft legislation to implement changes to the taxation of shares and rights acquired under an employee share scheme (ESS). Consultations on the draft legislation identified some minor technical changes that could be made to the legislation.

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Small business 2015 Federal Budget

The government announced a “Growing Jobs and Small Business” package to assist small businesses. Broadly, small businesses with an aggregated annual turnover of less than $2 million will be eligible for the following concessions.

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Families 2015 Federal Budget

The government announced a child care package, which includes the following measures.

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Individuals 2015 Federal Budget

Personal tax rates will not change, and the 2% Temporary Budget Deficit Levy for taxable incomes over $180,000 will not be extended. The budget confirmed that the levy will, as expected, cease at the end of the 2016-17 income year.

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Dates of effect for small business tax concession repeals announced

The government has announced the dates from which the small business concessions attached to the repeal of the mining tax will no longer apply.

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Guidance on how to deal with instant asset write-off uncertainty — at last

As most small businesses know, the previous government introduced a number of small business tax relief measures as part of its Mineral Resources Rent Tax (MRRT, or mining tax) legislation.

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The “debt tax” has flow-on effects for businesses

The announcement from the Federal Budget of a three year Temporary Budget Repair Levy on high income individuals (2% in excess of $180,000 — see our Budget report for details) will result in the top marginal tax rate increasing from 47% to 49% (inclusive of the Medicare levy).

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Measures set to kick off on July 1, 2014

The first section of this article outlines measures that are definitely going ahead come the new 2014- 15 financial year, while the second section contains changes outlined in the recent Federal Budget that have yet to be legislated.

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Asset write-off & car depreciation reduction

Draft legislation closely tied to the repeal of the Minerals Resource Rent Tax (MRRT) has been cleared by the lower house of Parliament and if fully legislated, as is expected, it will mean the present instant tax write- off for “individual” assets costing less than $6,500 (GST exclusive) will be reduced back down to $1,000. This measure is proposed to apply retrospectively from January 1, 2014 once made law.

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Federal Budget 2012-13

As predicted by almost every significant media outlet during the past week, the Treasurer has announced a Federal Budget surplus of $1.5 billion for the 2012-13 year.

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