THERE have been no major changes for personal tax payers over the past three years except that, effective from the July 2017 tax deductions are available on superannuation contributions which is a great incentive to put more into your super. However, the government has introduced a number of measures during this period for small businesses including instant write off of depreciable assets up to $20,000, small business restructure rollover and simpler reporting of tax affairs in business activity statement.
Tax Guru Chartered Accountants, principal partner, Navneet Jyoti said, “For small businesses, company tax rates have been reduced from 28.5 to 27.5 percent and over 10 years, will decrease to 25 percent. Unincorporated businesses tax offset has increased from 5 to 8 percent (over 10 years to 16 percent) subject to a maximum of $1,000.
“The eligibility criteria for more businesses have been made much easier also with companies turnover threshold increasing from $2M to $10M. The 37 percent threshold has increased from $80,000 to $87,000 benefiting 500,000 tax payers.”
Tax Guru Chartered Accountants are located at Suite 3/164 Welsford Street, Shepparton. Call 5822 1900 to speak to one of the team about your taxation needs.