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.
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.
