2016/17 Budget – Key changes for Business

The recent federal budget included some big wins for small business. Some key measures that will impact Butler clients are: Increase in the small business threshold from $2m to $10m turnover A reduction in the Company tax rates for small business to 27.5% Increase in the tax discount for unincorporated small business Simplified BAS reporting…

Business

2016/17 Budget – Key changes for Individuals

With none of the changes to capital gains tax or negative gearing that many had been anticipating, this year’s federal budget was light on changes to personal income tax reform. Some of the key changes include: Personal income tax reductions Higher education – HELP debt repayments reform Simplification of means testing for students and other payment recipients   Personal Income tax…

Individual

2016/17 Budget – Key changes to Superannuation

As was anticipated, the federal budget contained various measures which impact those looking to save for their retirement through superannuation. Some of the key changes include: Fixing the concessional contributions cap to $25,000 a year for all individuals regardless of age Reducing non-concessional contributions cap from $180,000 per year to a lifetime cap of $500,000 Removing the work test…

SMSF