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December 2018 Newsletter

With a Federal Election to be called next year, and a Labor victory looking increasingly likely after recent Coalition instability, we thought it would be worth taking a look at one of Labor's more divisive proposals - abolishing refunds of dividend imputation credits for those with no tax to pay. We look at why it's yet another regrettable shift in the superannuation goalposts for those planning for retirement. We also look at how fast-tracking the company tax rate cuts may actually cost small business more in tax, and also detail our Christmas closing times for this year.

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2018-19 Federal Budget

This year's Federal Budget - the third handed down by Treasurer Scott Morrison - is rightly being called an 'election' Budget. The flagship item is the measure to reduce personal tax rates and increase tax offsets for low and medium income earners. Beyond that, however, there's little for business owners to get excited, or agitated, about. There are still a few bright spots though. The Budget is predicted to return to a small surplus a year earlier than previously estimated (by 2019-20), and for the first time in a while, there are some logical, positive changes to superannuation fund management and compliance.

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December 2017 Newsletter

You may have noticed we've been gone for a while! It had been our intention to provide some clarity on the practical implications of the company tax rate cuts, including the impact on franking credits, but there has been so much uncertainty about how these cuts are to be implemented that we had to keep putting this issue on hold and re-writing it as more information came to hand. Even now the landscape ahead is far from clear, and we've considered numerous theoretical instances over the last few months where the implications for a company would be, at best, difficult to determine. At the very least, most companies that have retained earnings and receive the benefit of the tax cut will be penalised with a hit to their franking account. Read on for more detail.

In other news, Single Touch Payroll will be mandatory for employers with 20 or more employees from 1st July 2018, and on that same date, online shopping may start costing you more.

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