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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

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

Key lodgement dates

21 March 2018 - February activity statements due for lodgement and payment.

21 April 2018 - March activity statements due for lodgement and payment.

28 April 2018 - Due date for super guarantee contributions, for quarter 3, (January-March) – contributions to be made to the fund.

 

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

Cyber security threats and scam telephone calls

 

As many of you would be aware these two areas have increased exponentially in the last year or two. We have had numerous phone calls regarding scam emails or phone calls received by clients from parties purporting to be from the Tax Office. Two things to remember here:

Read more: Cyber security threats and scam telephone calls