Blog - Mike Crowley & Associates

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2016/17 Budget proposed changes to Superannuation

The 2016/17 Federal Budget has made significant changes to superannuation, arguably the largest changes since the 2006/07 Budget. The Budget includes changes to the super fund tax concessions for Transition to Retirement pensions, reductions in the concessional contributions cap and a lifetime non-concessional contributions cap, among other changes.

Read more: 2016/17 Budget proposed changes to Superannuation

2016-17 Federal Budget small business measures

Increase to the small business entity turnover threshold

Building on the small business package of measures introduced in the 2015-16 Federal Budget, from 1 July 2016, the small business entitiy turnover will be increased from $2 million to $10 million. Qualifying taxpayers will be able to access the following income tax concessions from small businesses:

Read more: 2016-17 Federal Budget small business measures

2016 Federal Budget Release

 

 budget-2016-logo

 

This year’s Federal Budget includes the most significant changes to Australia’s superannuation system since 2007, plus tax initiatives to support low income earners and small businesses. Many of the superannuation changes will not affect people in superannuation accumulation phase unless they have individual balances in excess of $1.6m or earn > $250,000 per annum.

Read more: 2016 Federal Budget Release

Key Notes for End Of Financial Year 2016

The end of the financial year is fast approaching. Now is a good time to start reviewing certain assets and liabilities owned by your business and consider if there is anything you should do prior to 30 June 2016 rolling around.

Read more: Key Notes for End Of Financial Year 2016

Capital Gains Tax

What is your Capital Gains Tax position on the sale of a property?

What to know if you are thinking of selling a property.

 

Before an owner decides to sell their property, they need to be aware of the Capital Gains Tax (CGT) implications that may apply. Surprisingly, many owners are exempt from CGT but are unaware of their situation, so it is worthwhile to do some research.

Read more: Capital Gains Tax