tax

16 Tax Changes Introduced by the Federal Budget

16 Tax Changes Introduced by the Federal Budget

The Government handed down the Federal Budget back on 9 May 2017 and here is a quick summary of what you need to know about what changes are in store for next year.

INCREASING THE MEDICARE LEVY LOW-INCOME THRESHOLDS

Date of Effect: 2016-17 income year.

Details: You will not be required to pay Medicare Levy (2%) if your taxable income is less than:

Pharmacy Tax Planning

Pharmacy Tax Planning

Tax Planning for pharmacy

“A financial year almost over….and what have you done?”

I hope business has been treating you very well this year. Just like the final stages of a mountain ascent, you may need that final boost to get you to the top and reap the rewards of your hard work. That final push is tax planning.

The starting point to tax planning is to determine how much tax you are going to pay. From here we can work out some tax strategies that can be used to help minimise how much that will be paid in both the short and long term.