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Tax relief for small business and primary producers passes parliament

Tax relief for small business and primary producers passes parliament

16 June 2015

Small businesses and primary producers can face the new financial year with increased certainty, with the government’s popular budget measures passing through the Senate yesterday. This means this legislation has now passed both houses of parliament and awaits Royal Assent.

Companies, corporate unit trusts and public trading trusts with a turnover of less than $2 million have had their tax rate lowered by 1.5% from 30% to 28.5%. 

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Are your payslips compliant?

Are your payslips compliant?

5 June 2015

It's one of the things no one tells you when you're running a small business - the amount of time you spend on paperwork. Amongst those obligations is the need to provide your employees with compliant payslips within a timely manner.

Incomplete and incorrect payslips are still one of the most common problems identified by Fair Work inspectors, and employers can be hit with on the spot infringement notices for failing to meet record keeping and payslip obligations under the Fair Work Act 2009.

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Depreciation for farmers brought forward

Depreciation for farmers brought forward

28 May 2015

Primary producers can now claim accelerated depreciation on capital expenditure on water facilities, fodder storage assets and fencing incurred since the 2015 Budget was handed down at 7:30pm on 12 May.

In his budget speech, Federal Treasurer Joe Hockey announced these measures with a start date of 1 July 2016, however yesterday issued a media release bringing forward these changes to begin from 7:30pm on 12 May 2015. 

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2015-16 Federal Budget | Jobs, Growth and Opportunity

2015-16 Federal Budget | Jobs, Growth and Opportunity

13 May 2015

Federal Treasurer, Joe Hockey, last night delivered the Coalition Government’s second budget and in contrast to the last budget there are actually a few surprises this year. From a taxation point of view, the budget contained some significant changes, although ‘big ticket’ tax reform measures remain for consideration in the Tax Reform Discussion Paper.

The 2015-16 budget focuses on encouraging growth in small business, and the service sector, and supporting families with incentives for the second income earner. The budget is also a win for primary producers with tax breaks for farmers and additional funding in loan schemes.

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Fuel tax credit rates have increased

Fuel tax credit rates have increased

20 April 2015

Do you use fuel in your business? If so, you should know that there have been changes to the fuel tax credit rates. Fuel tax credit rates have increased for eligible fuel acquired from 2 February 2015, due to a rise in the consumer price index (CPI).

What this means for your business is that when calculating your fuel tax credit, you need to use the fuel tax credit rate that applied when you acquired the fuel.

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