With the imminent arrival of the new financial year, there are usually a few small changes in the tax system to get used to, but this year is an exception. We sketch out the post-July 1 tax and super landscape, but also list the government announcements from the Federal Budget that may also prompt a strategic re-think, should the proposals make it through Parliament.
The “debt tax” (Temporary Budget Deficit Levy) which was announced in the recent Federal Budget is not just a concern for anyone earning more than $180,000. There are also some flow-on effects for businesses due to the resulting increase in the top marginal tax rate, which is used to calculate a number of other taxes.
We also cover some tactical end-of-year deductions for businesses, as well as year-end tax tips for individuals, and have (relatively) good news for business owners who have been left in limbo over the possible changes to the instant asset write-off provisions.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice.
Click to download De Luca Partners June 2014 Newsletter
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.