This year’s budget was a last chance attempt to sway voters in this pre-election budget that was handed down on 2 April by Treasurer Josh Frydenberg. The biggest winners for this budget will be for individuals earning up to $126,000 and businesses with a turnover of up to $50 million who are to benefit over the coming years. Here is a rundown of what you need to know and how this may affect you and your business.
End of Year Compliance
Another financial year over and one thing is certain, you will need to get your tax information together and go see your accountant. Here at Peak Strategies, we enjoy preparing our clients’ compliance work however we do come across some common errors that the business owner or their bookkeepers have made.
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:
With another financial year coming to an end, it is a good time to stop and reflect a little on what you have achieved this year.
Personally for me it is the most innovative time of the year. I take the time to reflect on what we achieved, our successes and our failures. Nothing is ever perfect in the world. But it allows me to identify what went wrong. Then what strategies we can employ to reverse our failures and what we can do to progress towards our goals. So with this in mind, I would strongly suggest you take the time to review and reflect.