Client Update – June 2017

As the days get shorter and we settle into the cooler months, the end of the financial year rolls around very quickly.

We have been recognised as an industry leader in the Acuity magazine, the national journal for Australian and New Zealand Chartered Accountants on topics surrounding team culture and the Federal Budget. To read any of the articles click here.

Discussion from the Federal Budget is subsiding, however, as individuals and businesses we now prepare for the practical application of changes to superannuation, personal and business taxation, GST and housing affordability. Some of these key measures are included in this newsletter and our full summary of the Budget is available at bit.ly/2017budgetsummaryafs

 

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Economic update

On 6 June 2017 the Fair Work Commission announced a 3.3% increase to the national minimum wage. This increase will also apply to minimum wages for each classification level of the Modern Awards.

In its statement announcing the increase, the Commission said “The level of increase we have decided upon will not lead to inflationary pressure and is highly unlikely to have any measurable negative impact on employment”.  The 3.3% increase will be payable from the first full pay period on or after 1 July 2017.

After a four month consultation process the changes to Sunday penalty rates come into effect from 1 July. Please ensure you review any changes to awards prior to 1 July for employees.

 

Our June newsletter also includes:

  • AFS recognised as industry leaders
  • reminder: changes to superannuation
  • instant asset write off
  • company tax cuts and franking credits
  • new standards for lease accounting
  • new depreciation rules for property investors
  • GST for importing and exporting goods and services
  • out and about in Bendigo
  • 2017 Bendigo Small Business Festival.

We hope you find this issue informative, should you wish to investigate any of these matters, we encourage you to contact our office.