June 2017

Some of the Biggest Mistakes Small Businesses Make With Their Websites

We outline 6 of the biggest 'customer killers' to avoid on your small business website and outline what you need for your business to stand out online.

2017 Federal Budget Highlights

On Tuesday, 10th May 2017, Federal Treasurer Scott Morrison handed down his second Federal Budget. This Budget contained some positives for small business which we outline in this newsletter as well as predicting a surplus by 2020/21.
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Small Business Changes

$20,000 Small Business Immediate Deduction

The immediate write-off on depreciable items for businesses has been extended to 30 June, 2018. In addition, the threshold for qualifying businesses has been lifted from an aggregated annual turnover of $2m to $10m which will give up to 90,000 extra businesses access this tax break.

Company Tax Rates
The Federal Government confirmed its intention to eventually reduce the company tax rate to 25 percent for all companies. We provide a summary of the proposed changes.

Access to Small Business CGT Concessions

As part of the Government's tax integrity package it has announced that it will tighten access to small business Capital Gains Tax concessions as from the 1st July, 2017. Read More....

Looking to Employ Foreign Workers?

From March 2018 businesses employing workers on particular skilled visas will be charged an additional levy as an up front payment.

Individual Tax Rates

There were no changes to personal income tax rates in this budget - we supply the individual income tax rates for Australian residents after the removal of the Temporary Budget Repair Levy.


Changes to the Medicare Levy

The most significant change to individual taxpayers in this Budget is the increase to the Medicare Levy from 2% to 2.5% as from 1st July 2019.

Restricting Residential Investment Property Deductions

Without specifically targeting negative gearing, the Government has introduced several measures to restrict tax deductions in respect of residential properties.

Higher Education Reform  

There were significant changes announced in the Budget to the fee structure of Higher Education Loan Programs (HELP), specifically repayment thresholds as well as repayment rates.

Superannuation - Contributing Proceeds from Downsizing to Superannuation

As from 1st July 2018, persons over 65 will be permitted to 'top-up' their superannuation with a limited amount from the proceeds of selling their home.

Superannuation - First Home Buyers Super Saver Scheme

The Budget included a scheme whereby first home buyers would be allowed to salary sacrifice contributions within specified limits to superannuation to be withdrawn as from 1st July 2018 for use as a deposit on a first home.

GST - Changes to Purchases on New Residential Premises

The biggest change to GST will be the strengthening of compliance for purchasers remitting GST on the sale of new residential properties or new subdivisions to the ATO directly as from 1st July 2018. Changes to GST treatment of digital currency also take effect from 1st July 2017.

GST Changes - Digital Currency & Low Value Imports

Outlined are other changes to GST law with the alignment of digital currency with money from 1st July 2017. Also retailers will be disappointed that the application of GST to low-value imports has been deferred again.

DISCLAIMER: This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs.  The information provided is not a substitute for legal, tax and financial product advice.  Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances.  While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk.  The information provided in this bulletin is not considered financial product advice for the purposes of the corporations Act 2001.

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