June 2018

Don't Leave Profit on the Table

Profit is the way we keep score in business. It is achieved through making the right management decisions and it impacts on your business valuation. You simply can't afford to leave any profit on the table.  

Thinking of Starting a Business?

It's exciting when you have that light bulb moment, an idea for your new business. To help our clients we have developed a number of practical tools, templates and checklists to help you fast-track your start up.
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2018 Federal Budget Highlights

Individuals

1.  The Government's 3 Stage Personal Income Tax Plan
   1. Low & Middle Income Earners Tax Offset
   2. Preventing Bracket Creep
   3. Removal of the 37% Tax Bracket Entirely
2. Medicare Levy Rate
3. Taxation of High Profile Individuals

1.  Extending $20,000 Instant Asset Write Off
2. Introducing Economy-Wide Cash Payment Limit
3. Expansion of Taxable Payments Reporting
4. Removal of Tax Deductibility for Payments Where Criteria Haven't Been Met

Companies

1. Phoenix Activity
2. Division 7A Changes
3. Changes to Research & Development Incentive

Trusts

1. Children's Income & Testamentary Trusts
2. Stopping Circular Family Trust Distributions

Partnerships

• Increased Difficulty for Partners to Access Small Business CGT Concessions

Superannuation

1. Three Year Audit Cycle for Some SMSFs
2. Increasing  Maximum Number of Members in SMSFs and Small APRA Fund
3. Work Test Exemption for Voluntary Contributionss
4. Preventing Inadvertent Concessional Cap Breaches
5. Deductions for Personal Contributions
6. Capping Passive Fees, Banning Exit Fees & Reuniting Small & Inactive Accounts
7. Insurance in Superannuation no Longer Automatic

Other Tax Changes

• Deny Deductions for Vacant Land