Grab your coffee and kick back with today’s headlines. Here’s the news small business owners need to know on Friday, September 13, 2019. ASIC cracking down on short term lenders The Australian Securities and Investments Commission (ASIC) has finally been granted the teeth to take action against predatory lenders who offer short term loans at… Read more »
The government’s tax cuts have passed through the Senate without amendment. From next week low-and-middle income earners with an income up to $126,000 will receive up to $1080 or $2160 for dual-income couples in annual tax cuts, with the tax relief to apply from the 2018-2019 period. In a joint statement to the press, the… Read more »
Labor leader Bill Shorten has announced the party will throw its weight behind the Coalition’s move to slash company tax rates for small and medium-sized businesses. The support will fast-track the tax break which was expected to be phased in by 2026-27. With Labor’s support, the tax relief could come into effect five years earlier… Read more »
Small Business and Family Enterprise Ombudsman Kate Carnell says the 83 per cent of Australian small businesses turning over less than $90,000 in taxable are set to benefit from the first tranche of income tax cuts which will go into force from July 1. “From 1 July, anyone earning between $19,000 and $90,000 will receive… Read more »
The big bank levy could be the key to curing two of the Turnbull government’s biggest headaches: its continuing failure to legislate for company tax cuts and the scandals now emerging from the banking Royal Commission. Thomson Reuters Australia Senior Tax Writer, Stuart Jones, said that the bank levy could be increased by this Federal… Read more »
Industry experts are suggesting personal tax cuts are likely to be a centrepiece of the Federal Budget, but the question of how exactly they’ll be funded is still anyone’s guess. Tax Consultant to Thomson Reuters, Terry Hayes, suggested the government has very little wriggle room if it wants to hit its target of returning to… Read more »
The Turnbull government’s signature economic policy at last year’s election was a 5% cut in the company tax rate, over a ten-year period, at a cost to revenue estimated to be in excess of A$48 billion. As the government itself has conceded, this now stands very little prospect of being passed by the Senate. However,… Read more »
Chief Minister Andrew Barr has announced $10,000 cut in payroll tax for Canberra businesses with a turnover of more than $2 million from July in a budget measure meant to support job creation.
The latest SME Snapshot survey by MYOB has found support for certain measures in the 2016 Federal Budget.
The budget measures, which come into effect on 1 July this year, mean business owners need to start planning what needs to change about their tax strategies.