This year’s Federal Budget: a surplus (maybe), but what about tax changes?
In a recent address to the Australian Business Economists in Sydney, the Treasurer spoke about the coming Federal Budget and the challenge it presented in the context of achieving a surplus in a difficult revenue environment. While he did not foreshadow any specific Budget measures, some “reading between the lines” might give an indication of ...more
Small business depreciation rules: draft legislation released
On 13 September 2011, the Government released for comment exposure draft legislation which proposes to make various tax law amendments concerning the small business depreciation rules. The amendments are proposed to apply to small business entities as defined in s 328-110 of the ITAA 1997 that have an aggregated turnover of less than $2m for ...more
Maximising superannuation concessions before 30 June
Despite volatile and uncertain investment markets, superannuation continues to offer a tax-effective structure for many taxpayers. While superannuation should not necessarily be viewed as a year-end planning matter, 30 June marks an important date in terms of ensuring taxpayers maximise the superannuation concessions. However, 30 June 2010 represents the end of the first financial year ...more
Federal Budget 2010-11 – initial comments from industry
On 11 May 2010, the Treasurer handed down the 2010-11 Federal Budget, his third Budget. The following industry bodies, professional associations, and other important stakeholders, have responded to the Budget: Institute of Chartered Accountants in Australia (ICAA) – The Institute said “the measures aimed at simplifying individual tax returns announced in the Budget package represent ...more
New Paid Parental Leave scheme: no law yet, but tax practitioners will be involved
In the 2009-10 Federal Budget on 12 May 2009, the Federal Government announced it would introduce a Paid Parental Leave (PPL) scheme. While legislation for the new scheme has yet to be introduced in Parliament (although a package of 3 Bills is proposed for introduction in the first session for 2010 ), draft minutes of ...more
Increase super guarantee to 12% this year, says ASFA
ASFA (The Association of Superannuation Funds Australia Limited) has today [Thur 12.1.2010] called on the Government to increase the Superannuation Guarantee for all Australian workers to 12% ahead of the 2010-11 Federal Budget. “Whatever the findings or recommendations from the Henry Review, it is ASFA’s position that SG should be raised to 12% this year,’ ...more
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