Raising the 32.5% personal income tax threshold The Government will increase the 32.5% personal income tax threshold from $80,000 to $87,000 from 1 July 2016. This measure will reduce the marginal tax rate on incomes between $80,000 and $87,000 from 37% to 32.5%. The Government anticipates that this change will prevent around 500,000 taxpayers from…
DetailsThe Government will increase the small business entity turnover threshold from $2 million to $10 million from 1 July 2016. The current $2 million threshold will be retained for access to the small business CGT concessions. The eligibility threshold for the unincorporated small business tax discount will be raised to $5 million. The Government anticipates…
DetailsThe $20,000 temporary instant asset write-off is extended to businesses with an aggregated annual turnover of less than $10 million. The write-off can provide businesses with some cash benefit. For example, a business with an effective tax rate of 30% can receive up to $5,999 as a tax refund if an asset costing less than…
DetailsFrom the 2016-17 income year, companies with annual turnover less than $10 million will have a company tax rate of 27.5%. This will decrease the tax rate for around 870,000 companies who employ around 3.4 million workers. Since many small businesses are not companies, from July 1, 2016, the government will also increase and extend…
DetailsMinnik Chartered Accountants would like to introduce, John Tchetchenian, Broker & Founder of Altitude Capital. Our firm has also partnered with Altitude Capital and John has joined our team. John will be working together with Leah and Julian on our new Business and Family Advisory services, assisting us to structure our clients financing matters to…
DetailsIn the run up to the end of the FBT year, here are some specific benefits under family business arrangements that the ATO has deemed to be outside the scope of FBT law. The items that do not attract FBT include: a birthday present given to a child who works in a business run by…
Details“I’m not planning on selling my business any time soon. So I don’t need to know what it’s worth, right?” Wrong. If you value your business, you should value your business. Every business owner should have an up-to-date business valuation — not just those preparing to sell. Put it this way. Do you: own all…
DetailsGood record-keeping practices go a long way in assisting with claims in the event of a dispute with the ATO. Cases before the courts and tribunals have demonstrated that the onus of proving a tax claim falls on the business taxpayer. A key requirement is to be able to present the relevant documentation to substantiate…
DetailsMinnik Chartered Accountants would like to introduce Julian Nowland, Wealth Strategist and Co-Founder of Plenary Wealth. Our firm has recently partnered with Plenary Wealth and Julian Nowland has joined our team. Leah and Julian will be working closely together on our new Business and Family Advisory services, which focus on a holistic view of our…
DetailsMinnik Chartered Accountants is in the process of migrating its practice to the Cloud. This includes practice management accounting & taxation software, database, document storage and email functionality. We look to constantly improve the way we do business and implement online solutions to provide our core function. We are sharing our learnings with our clients…
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