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- Avoiding the Wealth Creation Con Artists
- Why Business Owners Should Think Like Futurists
- 4 reasons to consider refinancing your home loan
- Does your super fund provide enough life insurance cover?
- Succession plan basics for small business
- Matters to Consider Before Setting Up an SMSF
- Should you register for GST?
- Finance options for buying a car
- 7 Useful Web-Based Software Programs for SMEs
- ATO ANNUAL REPORT
- How The Cloud and Automation Make Business Management Easier
- Buying Property? Why You Should Care About Interest Rates
- Buying property through SMSF – what are the rules?
- Big data for small business
- HIFX - INTERNATIONAL PAYMENT EXPERTLY DONE
- Budget Alert – Should you put in place a Transition to Retirement strategy?
- FBT 2016 - WHAT YOU SHOULD KNOW
- How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.
- Transfer of Business Assets & Private Company Shares
- Financial Future Checklist
- 6 Things that Work Better in The Cloud
- Can better inventory management improve business performance for Manufacturers?
- 5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners
- 5 Reasons for Cash Flow Problems in Small Businesses
- Key man insurance, who do you need to insure?
- Buying A Business? 5 Red Flags to Watch Out For
- Should You Take Your Small Business National?
- Upfront costs when buying a home and how you could save
- Insourcing vs outsourcing vs co-sourcing
- Saving Tax Through Successful Loan Structuring
- Buy/sell agreements - do you need one?
- Changes to overseas working holiday tax
- Employment and the 457 visa
- Exciting new service offering at YML!
- Right Corporate Structuring
- Stamp Duty
- Annual Wage Review
- Interest Only Loans
- GOVERNMENT ANNOUNCES CHANGES TO THE WORKING HOLIDAY VISA MAKER PROGRAM
- Federal Budget 2014-15 Update
- YML Insight February 2015
- YML Insight March 2015
- YML Insight April 2015
- 2015 Federal Budget Report
- YML Insight June 2015
- YML Insight July 2015
- YML Insight August 2015
- POWER BI - BUSINESS DATA TOOL
- The Importance of Estate Planning
- Tax Time Checklist for Individuals
- Federal Budget May 2016 - Superannuation and Social Security
- SuperStream Deadline for Small Employers
- Land Tax Surcharge and You
- Tax Liabilities to be reported to Credit Agencies
- Business Process Improvement
- Business Valuation
- Prepaying Interest
- Superannuation Contributions at EOFY
- Financial Year End Planning
- How Business Process Outsourcing can bring value to your customers through technology
- Equity Crowd-Funding
- Mortgage Insurance
- 457 Visa
- Insurance in Super
- GENERAL SKILLED MIGRATION (GSM)
- Super Guarantee – What Happens When You Get It Wrong
- Business Process Outsourcing – Take the Technology View
- The Importance of Estate Planning
- PRINCIPAL-AND-INTEREST VS INTEREST-ONLY
- UPDATE YOUR WILL
- SAFE HARBOUR FOR DIRECTORS OF STRUGGLING COMPANIES
- PENDING 457 VISA CHANGES in MARCH 2018
- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- UPDATING SMSF TRUST DEEDS
- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
- CONTRACTOR vs. EMPLOYEE – EMPLOYER OBLIGATIONS
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- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
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- What does the NEW 482 Visa mean for your business?
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- New Withholding for Non Residents
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- Co- Sourcing
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Federal Budget 2014-15 Update
On Tuesday 13 May 2014, the Commonwealth Treasurer, The Honourable Joe Hockey MP delivered Australia’s 2014 Federal Budget.
This year, the Budget announcement has garnered particular attention following a recent change of government and the recommendations of the National Commission of Audit.
In essence, the government ‘s strategy centres on expenditure savings in the areas of health services contribution, foreign aid, education, loan programs, family and other welfare benefits. Coupled with the reintroduction of fuel excise indexation and a personal tax increase.
All Australians to pay at least $7 for GP visits, blood tests and X-rays.
General patients to pay $5 more and concessional patients 80¢ more for prescription drugs.
Billions slashed from hospitals, which will be free to charge for emergency department
Foreign aid frozen at current levels for two years, helping save $7.6 billion over five years
International commitment to spend 0.5 per cent of gross national income on foreign aid abandoned
$400 million saved over four years by folding the former AusAID into the Foreign Affairs Department
Complete deregulation of university fees
Commonwealth funding extended to students at TAFEs, private colleges and sub-bachelor degrees at a cost of $820 million over three years
Labor’s ‘Gonski’ school funding commitments scrapped from 2017-18 with school funding indexed to inflation from 2018
School chaplaincy program continued at a cost of $243.5 million over five years
Age pension age to reach 70 by July 1, 2035
Pension means test thresholds to be frozen for 3 years
Tougher income test for self funded retirees to receive Commonwealth Seniors Health Card
Enforced six month waiting period for under-30s signing on for the dole. After first six months on dole they will again be cut off for a six month period
Tightened eligibility criteria for disability support pensioners under 35
New start recipients aged between 22 and 25 will be pushed back onto the lower-value Youth Allowance (other) payment
The government will reintroduce the twice annual indexation of fuel excise to the Consumer Price Index from August 1 this year.
High income earners levy
A 2% levy will apply to those earning income above $180,000. The impost is for three years only from 1 July 2014 to 30 June 2017 and means that those earning above $180,000 will pay the extra 2% levy on all income in excess of $180,000.
Business gains and losses
The Government remains committed to cutting the company tax rate by 1.5% from 1 July 2015. For large companies this will offset the cost of the Government’s Paid Parental Leave Levy. For the SMEs it will provide a boost to profits.
The Government has also reinforced its promise to repeal the Minerals Resource Rent Tax (MRRT) and Carbon Tax.
For more information please click on The Federal Budget Webpage