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:
- Increasing the ‘small business’ turnover limit from $2m to $10m.
- Providing an 8% tax discount to sole traders & partnerships.
- Reducing the company tax rate to 27.5% (eventually 25% per cent).
- Targeted amendments to Division 7A.
- 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.
