The Abbott government’s federal budget plans for 2015 are quickly making the rounds for good and bad reasons. The goal is to boost the economy, and like any other government plans, there will be winners and losers.
The whole plan is banking on a flourishing economy, which the government aims to strengthen by stimulating the small business sector and increasing the strength of Australia’s workforce. But these efforts require certain sacrifices that might earn the ire of citizens. A delicate balancing act the federal government will have to embark on. Continue reading
It seems like the Australian government is out to make a big impact on the economy as it unrolls its Federal Budget plans for 2015: What was once a $1,000 tax write-off limit became $20,000 overnight.
That’s right. You’re now looking at small business lifesaver.
Designed to stimulate the economy, the unprecedented value of the tax write-off caught a lot of attention and praises from people particularly from the small business sector who were asking for a much-needed jolt.
However, there are two caveats: this tax write-off will only last until the end of June 2017 and you have to make the most out of the $20,000 tax write-offs before June 30, 2015 so you can apply deductions on your 2014-2015 tax returns.
So what should you do to make the most out of the $20,000 write-off before June 30 comes? Continue reading
Doing the taxes for your small business or speaking to your accountant may not give a rush of pleasure at all, but it surely can save you for a lot of pressure in the future.
However, by being tax-smart, you can get through the end of financial year stress-free. With the right preparation, you can minimize your tax bill, maximize the benefits from the tax office, and put yourself in a better position for the next financial year.
Be the best small business owner you can be! Now, let’s make every day count by using the following strategies: Continue reading
One of the controversial proposals in the Federal Budget 2015 of the Australian government is the revision of the paid parental leave. Previously, employees could get their paid parental leave from their employers and the government, which led to the moniker, “Double Dipping”.
This proposed Federal Budget 2015 revision focuses on limiting the paid parental leave employees receive from the government, and increase the government funds, by forcing them to select only the one with the better paid parental leave scheme.
The Double Dipping provision requires employees to select only the larger paid parental leave incentive from the two, significantly cutting the expected paid parental leave incentives of the working parents in Australia. Continue reading
One of the questions we are often asked by our micro business clients is, Should I register for GST? For some businesses there is no option, the answer to this question for them is ‘yes’. For others though, it’s a decision that needs to be made after carefully looking at a number of different points. So let’s have a little look at what your options are.