Significant Tax Changes for 2015-16 Financial Year
Some significant tax changes for the coming financial year are:-
- The Family Tax Benefit Part B primary earner income limit is reduced to $100,000, and the Part A large family supplement will be limited to families with four or more children. This change will take effect from July 1, 2015. There is also a proposal for payments to be restricted to families whose youngest child is less than six years of age.
- A number of measures were announced in or leading up to the latest budget which are intended to take effect from 1 July 2015. They include:
- small business company tax cut by 1.5%
- small business owner 5% tax discount
- small business deductibility of certain start-up costs
- adjustment of work-related car expense deductions to remove the 12% of cost and one-third actual expense methods, and to fix the per km rate at 66 cents, regardless of vehicle size
- Family Tax Benefit Part A overseas recipients limited to 6 weeks in a 12 month period
- softening of superannuation release conditions for the terminally ill
- zone tax offset – FIFO and Drive-in-drive-out workers to be denied the offset by the requirement that the normal residence be within a zone
We would suggest making an appointment to discuss your situation should you feel these will affect you.
Interested in joining our team? Why not apply today?
About Our Traineeships:-
Join the Market Leader in 2016 – Accounting Traineeships
Looking to study a B.Com at University of Newcastle in 2016?
Bottrell Business Consultants are a Multi Award Winning Firm
We have 2016 Traineeships available – work 3 days Study part-time 2 days
Apply now to Tara Skippen on tara@bottrellaccounting.com.au – send resume & cover letter
www.bottrellaccounting.com.au or check us out on Facebook, Twitter, Instagram or LinkedIn
Offices – East Maitland | Newcastle | Sydney | Melbourne | Brisbane | Gold Coast
Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.
The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.
Our group of businesses & links include the following companies (& our websites);-
- Bottrell Accounting & Taxation – Visit out website
- Bottrel Business Consultants Pty Ltd – Visit our website
- Maitland Accounting & Taxation – Visit our website
- East Maitland Accounting Services – Visit our website
- Mobile Bookkeeping & Recruitment – Visit our website
Comments are closed.