Nov 2013 – Tax Changes Announced

Tax Changes Announced – Small Businesses Take Note! The new parliament commenced last week and the Government introduced a series of bills to repeal the Carbon Tax from 1 July 2014. The proposed scrapping of the Carbon Tax means that some of the incentives introduced to compensate for the increased cost of living, as a… Continue Reading

2013 Federal Budget

At 7:30pm tonight, Wayne Swan delivered his 6th budget with a forecast budget deficit of $18 Billion for 2013-14, $11 Billion for 2014-15, a balanced budget for 2015-16, and a return to surplus in 2016-17. The budget deficit for 2012-13 is $19.4 Billion compared to the previously forecast $1.5 Billion surplus in last year’s budget.… Continue Reading

2016 Federal Budget

At 7:30pm tonight, Scott Morrison delivered his first budget with a forecast budget deficit of $37.1 Billion for 2016-17, $26.1 Billion for 2017-18, $15.4 Billion for 2018-19, and $6 Billion for 2019-20. The treasurer announced that this is not just another budget but an economic plan and a foundation to build a brighter more secure… Continue Reading

Superannuation Changes Revealed

At last the uncertainty around superannuation is over – Treasure Wayne Swan announced today what changes the Labour government intend to make to superannuation. Summary of key changes announced:At last the uncertainty around superannuation is over – Treasure Wayne Swan announced today what changes the Labour government intend to make to superannuation. The key changes announced are:… Continue Reading

Living Away From Home Allowance – Update

Further to the changes to LAFHA announced by the government in November 2011, the government announced yesterday that it would delay the start date of these changes from 1 July 2012 to 1 October 2012. This means that current LAFHA arrangements can continue until 1 October 2012 and this will give employers and employees additional… Continue Reading

2012 Federal Budget

At 7:30pm tonight, Wayne Swan delivered his 5th budget with a forecast budget surplus of $1.5 Billion for 2012-13 and $2 Billion for 2013-14. The budget deficit for 2011-12 is $44 Billion compared to the previously forecast $22 Billion deficit. The main objectives of this budget are “to share the tremendous benefits of the mining… Continue Reading

2011 Federal Budget

At 7:30pm tonight, Wayne Swan delivered his 4th budget with a forecast budget deficit of $22.6 Billion for 2011-12. The main objectives of this budget are to bring the opportunities that flow from a strong economy within reach of all Australians, and to build a more productive workforce. The budget is forecast to return to… Continue Reading

2010 Federal Budget

At 7:30pm tonight, Wayne Swan delivered his 3rd budget with a forecast budget deficit of $40.8 Billion for 2010-11. The objective of this budget is to emphasise responsible management. The budget is forecast to return to a $1 Billion surplus in 2012-13, making Australia the best performing advanced economy in the world. In addition to this, unemployment is… Continue Reading

2009 Federal Budget

At 7:30pm tonight, Wayne Swan delivered his 2nd budget with a forecast budget deficit of $57.6 Billion for 2009-10. The objective of this budget is to support jobs today by investing in the infrastructure Australia needs tomorrow. Unemployment is expected to reach 8.5% and the economy is expected to contract by 0.5% in 2009-10. Some of the changes announced include extension… Continue Reading

Tax Bonus Payment

The government today announced five key $900 one-off payments to assist in strengthening the Australian economy during a severe global recession. The three most relevant bonuses are: Tax Bonus for Working Australians This bonus is payable to Australian resident taxpayers who paid tax for the year ended 30 June 2008, after taking into account tax… Continue Reading

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