Blog - Mike Crowley & Associates

logo             8 McNamara Street, ORANGE

phone number

2019 Budget Overview

 

2019 Budget

What does it mean for you?

federal-budget-2019-infographic

Source: PwC

*Please note the provisions of the 2019 Federal Budget are not enacted immediately and are likely to be contingent upon a Liberal/National coalition election victory

Businesses

 

Instant Asset Write-off. This will change from the current $20,000k to $30,000. This is now available for businesses with a turnover of up to $50m (previously $10m).

30kwriteofftable

 

Read more: 2019 Budget Overview

Cryptocurrency

 

Unless you have been living under a rock Cryptocurrencies are on the move. It started with Bitcoin launching in 2009. It is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. With us forever hurtling towards a cashless society it is becoming the currency of the future. Cryptocurrency has become so popular that in the beginning one Bitcoin was worth less than $0.01 and as of June 2018 one Bitcoin is worth AUD$9064.

Read more: Cryptocurrency

Budget Savvy Ideas for the School Holidays

School holidays are here and are you unsure how to keep the children entertained? There are loads of workshops on offer in Orange, however, most charge fees. You can have fun with your kids without blowing the budget?

 

Read more: Budget Savvy Ideas for the School Holidays

2018 Budget Overview

 

After the carnage that was the 2016 Budget and a relatively uneventful 2017, what does Treasurer Scott Morrison have in store for us this year? 

Well, as it turns out, a few surprises along with some rather “courageous” revenue assumptions. Read on for our wrap-up in this year’s Budget.

Continuation of small business tax concessions
Many of the existing tax concessions for small businesses over the past few years will continue, despite there being no further direct tax relief in the budget.
The government is extending the $20,000 instant asset write-off for a further 12 months to 30 June 2019. It has also continued its existing commitments to a reduced corporate tax rate, an unincorporated small business tax discount, and the $10-million small business turnover threshold.
In addition, the government has announced a tax integrity measure in clarifying that unpaid present entitlements will now come within the scope of Division 7A.
From 1 July 2019, unpaid present entitlements will come within the scope of Division 7A of the Income Tax Assessment Act 1936, in a move that will ensure the unpaid present entitlement is either required to be repaid to the private company over time as a complying loan or subject to tax as a dividend.

Read more: 2018 Budget Overview

7 ways how SMEs can reduce business expenses

Small businesses are usually lean on capital and funding. As per data from Small Business Administration, around 50 percent businesses bite the dust in their 1st year of operation. Ineffective cost management is one of the crucial reasons behind the alarming rate of startup failure. However, such disasters could be easily tackled if SME owners are more careful about business expense & cost management.

Read more: 7 ways how SMEs can reduce business expenses