2016 Federal Budget – Highlights

The 2016-17 Federal Budget was handed down on Tuesday 3 May. The Government has forecast a cash deficit of $37.1b for the 2016-17 financial year.

We have summarised the key budget highlights and an outline of the changes announced. The major revenue measures announced in the Budget included: Read more

Tax Update – May 2016

Tax planning

tax-web-imageThere are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income. Taxpayers should be aware that they need to start the year-end tax planning process early in order to maximise these opportunities. Read more

Client Update – April 2016

April Update

Click here to read online.

A million meals to share

Our casual cash recipient Bendigo Foodshare do amazing work in Central Victoria. Read about their ambitious campaign to raise money for a million meals in March. Read more

Superstream deadline looming for small business

SuperStream is a Government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting payments electronically in a consistent and simplified manner. Read more

AFS Tax update

Tax Update – April 2016

Small business restructures made easier

The Government has made changes to the tax law to provide tax relief for small businesses that restructure. The tax law changes provide an optional rollover for small business owners who change the legal structure of their business on the transfer of business assets from one entity to another. Read more

Elizas heroes team

Eliza’s Heroes

Last year, Righteous Pups dared AFS Partner Graeme Stewart to join a basketball team, promising it would be a fun, rewarding, unique and life changing experience to help raise funds for a young girl, and many other children living with Type -1 Diabetes. Read more

AFS Tax update

Tax Update – March 2016

Small businesses restructure tax relief

Small businesses are important to the Australian economy, as they facilitate growth and innovation. As a small business develops over time, however, it’s initial legal structure may no longer be suitable for the business. Read more

Client Update – February 2016

Feb 2016 cover page

Click here to read online.

 

Eliza’s Heroes

Our cover story this issue tells the story of young Eliza and how Righteous Pups will change her life for the better. Eliza’s Heroes are a group of community-minded people who have trained for months to take on the Bendigo Braves at 2pm on Saturday 19 March 2016 at the Bendigo Stadium. Read more

AFS Tax update

Tax Update – February 2016

Single Touch Payroll pilot and tax offset proposed

mouse clickThe Government is looking to cut red tape for employers by simplifying tax and superannuation reporting obligations through its initiative called Single Touch Payroll (STP). Read more

Client Update – December 2015

Dec2016 newsletter image

Click here to read our latest update

Making a difference in the long run

The cover story features our recent Corporate Cup win with 125 entrants in the 2015 Bendigo Bank fun run. We’re proud to part of this fantastic event, supporting rehabilitation services at Bendigo Health this year.

Laptop and tablets2016 Small Business Support

We are also preparing for a series of small business workshops in 2016 and we would appreciate your input via this quick survey.

 

Also in this issue:

  • Unbundling phone and internet expense claims for work purposes
  • Australian Tax Office ‘certainty’ letters
  • SMSF borrowing ban recommendation
  • Proposed fringe benefit tax (FBT) changes  – Car expenses and FBT concessions on entertainment
  • Unsolicited ATO phone calls  – look out for friends, neighbours and those more vulnerable in the community
  • Giving Cash for Christmas – Tax implications on the gift of cash from Venture Financial Advisers

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