The word ‘tax’ has had a bad run, but tax doesn’t have to be taxing! The goal at YBM is to provide a local, high value service that allows individuals and businesses alike to pursue their goals whether in business growth, tax management or retirement. And at this time of year it’s important to focus on planning.
Tax planning should be customised to suit you and undertaken with the assistance of an expert. When planning this June, consider certain strategies available for small business entities, such as the immediate write off deductions for capital items and bringing forward expenses into the 2016 financial year.
This time of year is also ideal for planning and forecasting for the new financial year. YBM have refined a process of identifying both the goals and the concerns of clients, and work with them to map a plan for the coming years. This includes a cash flow forecast and projected profit and loss. It is imperative to be forward thinking so you can plan for your businesses success and reach your personal and business goals.
For assistance or more information, please contact YBM Molong on 6366 8049.
Highlights of the Federal Budget
• Starting from 1st July, the company tax rate will be reduced to 25% over 10 years.
• The unincorporated small business tax discount will be increased in phases over 10 years from the current 5% to 16%.
• Motor Vehicle Set Rate Per Km method for 2015-16 is 66 cents per km regardless of engine size.
• Superannuation Concessional Contribution Cap from 1 July 2017 will reduce to $25,000 for everyone.
• From 1st July, 2017, Australians under 75 will be able to claim a tax deduction for any personal contributions made up to their concessional cap regardless of employment circumstances.