Category: Newsletters
2015 Federal Budget Report
The Federal Treasurer, Mr Joe Hockey, handed down his second budget at 7.30pm (AEST) on Tuesday 12 May 2015.
In general, the budget is aimed at supporting small business and growing jobs ($5.5 billion including $5 billion of tax relief), supporting families ($4.4 billion funding boost), ensuring fairness of tax and benefits, national security and progressing budget repair in a measured way.
The full Budget papers are available at http://www.budget.gov.au/index.htm and the video can be watched athttps://www.youtube.com/watch?feature=player_embedded&v=g92lL1haUk8
Overview of the Budget
Small Business (Aggregated Annual Turnover less than $2 million)
- Small companies will have a 1.5% tax cut (from 30% to 28.5%) from 2015/2016 tax year.
- An unincorporated small business (ie: sole trader, partnership, trust) will receive a 5% tax discount on income earned from business activities from 1 July 2015. This discount is capped at $1,000 per individual for each income year and delivered as a tax offset.
- Immediate tax deductions for assets purchased and ready to use up to $20,000 from 12/5/2015 to 30 June 2017 (simplified depreciation rule applied).
- New start-ups will be able to claim an immediate deduction for professional expenses associated with the start of the business from the 2015/2016 year.
- From 1 April 2016, FBT exemptions will apply to work- related portable electronic devices (ie: laptop, mobile phone etc)
- Primary producers will be able to claim accelerated depreciation for water facilities, fodder storage and fencing from 1 July 2016.
Individual and families
- Changes to work related car expenses in 2015/16
- 12% original method and 1/3 actual expense method will be abolished
- Flat set rate of 66c per km for cent/ km method
- Log book method remains the same
- Working holiday maker will be treated as non-residents and taxed at 32.5% from 1 July 2016
- Medicare levy for low-income threshold changes from 1 July 2014
- Single- $20,896 ($20,542 for 2013/2014)
- Families- $35,261 and additional dependant will be an additional $3,238
- Seniors and pensioner- $33,044 ($32,279 for 2013/2014)
- No zone offset for fly in fly out employees
Family Package
- Child care system reform from 1 July 2017
- Annual household income up to $60,000 will be eligible for a subsidy of 85% of the actual cost paid, up to an hourly fee cap
- Annual household income of $165,000 will be eligible for a subsidy of 50%
- Annual household income of $180,000 and above, the child care subsidy will be capped at $10,000 per child per year
- From 1 July 2016, the existing parental leave pay (PLP) scheme, in addition to any employer- provided parental leave entitlement, will be removed.
The government will ensure that all primary carers would have access to parental leave payments that are at least equal to the maximum PLP benefits (currently 18 weeks at national min wages) - Family Tax Benefits (FTB) Part A large family supplement will cease from 1 July 2016
- From 1 Jan 2016, families will only be able to receive Family Tax Benefits (FTB) Part A for six weeks in a 12- month period while they are overseas.
Superannuation
- Early access to superannuation: people with a terminal medical condition, effective from 1 July 2015, can gain unrestricted tax- free access to their superannuation fund (must have two medical practitioner (including a specialist) certify that they are likely to die within one year).
Others
- Reversed charge rule for going concern and farmland sales mechanism will not proceed (remains at GST- free).
- GST compliance: Government will continue to provide funding of $265.5m over the next three years from 2016/2017 to promote the GST compliance.
- New multinational anti- avoidance rule to be introduced.
YML Insight April 2015
From Your Trusted Accountant
How Can I get Organised for the Tax Season?
1. Understand what you can claim from the beginning, which is largely depends on
the type of job you have. Ask us if you are not sure;2. Have your tax related paper work in a designated place and organize your records
into the following categories:
- Wages
- Other Income
- Car Expenses
- Travel Expenses
- Uniform Expenses
- Self education expenses
- Other Expenses (books, home office, telephone, computer, internet, stationery)3. Keep receipts to prove your claims and organise them by putting the receipts
for each category in a clearly marked separate envelope;
4. Don't forget if you claim more than $300 in deductions you will need to keep your
receipts for at least 5 years;
5. Enter your expenses into a spreadsheet monthly;
6. Schedule a time to meet with us to go through this year's paper work and see how
we might be able to structure your accounts to better help you organise your finances;
7. Book a meeting with our Financial Advisor to discuss the best way to structure your
assets and debts.
From Your Finance Specialist
What do I need to look for when I borrow money to buy a new car?
When borrowing to buy a new car, it is more important to look at the monthly repayments than the interest rate. This way you can insure that the rate you are getting is real.At YML Finance, we can arrange car loans and other equipment finance from 4.8%.Please call us so we can let you know what your monthly repayments will be for your new car.
From Your Financial Adviser
Do I need a wealth creation strategy?
Although a cliche, it is true that most people don't 'plan to fail', they simply 'fail to plan!'Unless you are a successful business owner aiming to cash out one day and ride off into the sunset, the quality of your retirement will largely depend on how you manage your cash flow and build assets from here on.
Apart from the lack of planning we often see inefficiency and expensive mistakes in people's personal structures. From personal and business loans that are incorrectly set up costing unnecessary interest and tax, to not using available collateral to build further assets for the longer term. Added to that, superannuation is often ignored.
What are the medium to longer term financial goals for you and your family? Once answered, develop a strategy that is simple, realistic and measurable!
We would welcome the opportunity to discuss and assist with your future wealth creation strategies.
From Your Business Partner
I am working hard so why I am not making a decent profit ?
If you always seem to be working, but are not achieving a result, it could be that you are spending too much time working in your business and not enough quality time working on your business.Having your own business is not about creating an 80 to 100 hour per week job, just for you. It is about creating a balance between life and work with results that exceed a normal PAYG income.
To manage your time effectively and to operate an efficient and growing business is a combination of good planning, a supportive operating system and regular performance reviews.
We can help you to build the foundation for a sound business that will allow you to
* set realistic financial and operational targets;
* develop an operational system to deliver the targets; and
* Implement a review process to ensure that issues are dealt with promptly.
We would like you to be successful and achieve your goals. We are happy to assist you start the process. We offer you an obligation free discussion on the health of your business and how our tailored system can help you.YML Insight March 2015
| From Your Trusted Accountant | |
| Why should I consider creating a new entity? | |
| Formalize informal partnerships Business partnerships are ticking time bombs as you are responsible for the actions of your partner. But unlike a joint account, a lawsuit against your partner can put all of your assets at risk. Form an entity to provide you with legal protection.Create business entities to shield assets If you have a small business or do part-time work on the side without having a formal business structure, you are operating as a sole proprietorship. The “sole” means it’s just you, but all of your personal assets are at risk if you are sued. Create a business entity that shields your personal assets from lawsuits against your company.A new entity could also allow wealth creation and better tax planning. |
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| From Your Finance Specialist | |
| How do I borrow for my business and get a cheap home loan rate? | |
| Many business owners who are looking for a business loan, let the bank take their home/ investment property as a security.Business rates are usually 1%-1.5% higher than normal home loan rates. On a Million dollar loan we can save a client $10k-$15k per year! If you pay the higher loan rate, we can help you refinance to receive a cheaper loan rate.
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| From Your Fincancial Adviser | |
| Where is my super? | |
| If you have held several jobs over your working life chances are you have a number of superannuation accounts you know little about. You should consolidate them, save on unnecessary fees and have the combined funds invested in the correct portfolio. Personal insurance policies may be offered by these accounts, so before your consolidate, these need to be analysed. We, the financial planning division at YML Group, will be glad to assist in this. |
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| From Your Business Partner | |
| How can I understand how my business is performing at a glance? | |
| Understanding my business at a glance is not just possible but is essential in making efficient informed decisions.A combination of historical and forecast information, condensed into a dashboard report that is prepared daily or weekly, allows you to see how the business is performing.Focussing on key business drivers such as sales, cash flow and significant costs can minimise surprises at month end and prevent poor decisions affecting the business over the longer term.
A dashboard report tailored specifically to your business needs, that is reviewed and updated at regular management meetings is an essential tool in any business. |
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YML Insight February 2015
From your Finance Specialist
How much can I borrow?
To know how much you can borrow without changing your lifestyle, check how much you can save per week after paying all your bills.
For every $100 savings you can borrow approximately $70,000. Include the rent you are currently paying as a saving as when you move to the new property you will no-longer pay it.
This rough estimation will ensure you do not over-commit. This week’s rate starts from 4.6% variable (not honeymoon loan), depending on the loan amount. The fixed rate starts from 4.59%.
From your Trusted Accountant
How do I save on my tax?
The first step is to choose the right entity structure as this could not only help you save on tax, but also provide flexibility and asset protection.
What can a claim as a deduction?
Donations to registered charities, management fees paid to a financial planner and/ or tax agent, cost of income protection or sickness and accident insurance premiums,
work related expenses including books, magazines, uniform, equipment, parking, tolls, taxis, public transport, etc. If you are maintaining a home office you can claim the cost of electricity,
internet, home phone, mobile etc, depending on how many hours per week you spend working from your home office.
From Your Financial Adviser
Do you have a savings goal, or a plan to reduce your mortgage this year?
Do you and your family know how you spend your after tax money each month? Why not start the year reviewing your household budget and get to understand just exactly where all the money goes.
We suggest, with a glass of wine in hand, spend some time one evening with your spouse reviewing your spending. If you would like we can assist you with our online tool.
From your Business Partner
Why do I need a CFO?
Maintaining books for your business is purely a gathering of information. It is what you do with that information that counts. The CFO is the sounding board for your business and develops the relationships
needed to ensure the confidence of you banks, investors, suppliers and the ATO. The CFO will be your link between the historical results and planning and strategy.
The CFO will partner with you to ensure that you have the accurate and timely information to make informed decisions. If you don’t need a full time CFO think about outsourcing options. page…
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.
Health
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 Affairs
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
Education
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
Retirees
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
Welfare
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
Fuel
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
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