With 30 June quickly approaching, now is a good time to assess your current position and ensure your year-end strategies are in place.
This article highlights some of the key tax law changes that have taken effect thus far in the 2016/17 income year, and the changes that will shortly take effect that may impact on your year-end tax planning decisions.
It has been revised for changes announced in the 2017 Federal Budget released on 9 May 2017.
A number of superannuation reforms will impact on retirement planning for many Australians. Below we have provided a summary of some of the more significant changes. If you are planning to self-fund your retirement through the Australian superannuation system, we recommend contacting a Crowe Horwath adviser to discuss any potential implications of these reforms to your specific circumstances.
On the small business front, the 2016/17 tax changes are generally quite favourable, with highlights including a cut to the rate of tax applicable to small business income. In addition, the annual turnover threshold to qualify as a small business entity that is eligible for various tax concessions has increased from $2 million per annum to $10 million per annum. Finally, tax roll-over relief provisions have taken effect that will make it easier for many small businesses to restructure without incurring tax charges.
Other significant changes potentially impacting on large business, agribusiness, and start-up companies are also addressed.
It is worth keeping in mind that further tax changes are expected to be announced in the May 2017 Federal Budget. Should you have any concerns or queries, be sure to speak to your adviser.
View our tax planning guides