Budget 2016

Its that time of year again – Budget Time!

We have once again summarised the annual budget and have provided a copy online. If you are in business we highly encourage you to download the attached PDF as it is likely to affect you. In Summary:

  1. Increasing the ‘small business’ turnover limit from $2m to $10m.
  2. Providing an 8% tax discount to sole traders & partnerships.
  3. Reducing the company tax rate to 27.5% (eventually 25% per cent).
  4. Targeted amendments to Division 7A.
  5. Continuation of $20k asset write-off.

The link can be downloaded here.

The budget also proposes other changes in respect to superannuation, individual tax rates, medicare levy, GST and the ATO in general.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Leave a comment