With the upcoming election looming, there's a huge tax impact that I haven't seen covered in the media all too much.
Both the Labor Party & Greens are planning to make changes to the existing negative gearing tax concessions.
Not only will this impact your tax returns, but you can be sure that it will have a huge impact on property prices as well.
Many households rely on negative gearing each year to help minimise the impact of mortgage payments on their post-tax income as well as their day to day living.
Changes to the existing negative gearing concessions could result in many houses being repossessed by the banks and of course, with less demand, prices will fall.
As the end of financial year approaches, there are a number of actions you can take as a business owner to save you $$$'s on your upcoming tax obligations.
It is important to note that any action taken needs to be implemented prior to 30 June to have any impact in the current financial year.
Some of these initiatives include:
The 2016/17 Federal Budget has recently been revealed this week.
This budget reflects an exciting time for small businesses with lower tax rates resulting in more cash flow being available for investment & expansion. This should flow on to allow local businesses to be more competitive against overseas products & services.
In the past paying employee superannuation has been a nightmare to say the least with payments going to multiple superannuation funds each quarter.
The ATO is implementing "superstream" to help make the process a lot more streamlined for employers.
The benefits being:
- one method for making employee contributions to multiple funds
- less time spent on processing
- the correct information and money sent can flow more quickly to the super fund
We've recently had our website updated by the staff over at ITster. Have a look around and let us know what you think!