Where to next?
This is what we’re asked by many people and the reason why our clients chose Hayes Knight.
Our clients know we are good at the fundamentals – accounting, tax compliance, and audit – but they come to us because not only are we good at the fundamentals, we have the expertise to help them identify, structure, and secure, their future … their next step.
Budget Update 2013 – For the Greater Good?
We almost labeled this budget the ‘Global Parcel Services Budget’ for Wayne Swan’s new mantra ‘we deliver, on time.’ To make good on this promise however, the Government needs to turn a $44bn deficit in 2012 into a $1.5bn surplus in 2013.
This is where business comes in. For business, the 2013 Federal Budget was an itemisation of what you’re not getting; $4.8bn in company tax savings apparently. But the changes in company tax rates – due to commence on 1 July for small business, never saw the light of day. So, it’s hard to feel the effects of something you never experienced.
The upside is not what was announced but what wasn’t. Many of the previously announced small business initiatives and the more generous of the existing concessions – such as the small business CGT concessions – have been preserved.
read more.
Budget Highlights
- Scrapping of planned company tax rate reduction
- Introduction of a loss carry-back for business
- Further LAFHA reforms
- Tightening of employment termination payment tax offset
- Deferral of higher concessional contribution caps for super
- Doubling of tax on super contributions for very high income earners
- Tripling of the tax free threshold
- Scraping of planned 50% discount on interest
- First stage of a national disability insurance scheme
- Increase to the rate of Family Tax Benefit A (but changes to age of eligibility)
- Scrapping of standard deduction for work related expenses
- Tightening of Net Medical Expenses Tax Offset
Download: Hayes Knight 2013 Budget Summary
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