AFS NEWS | Your partners in success
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:
Tax planning There 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.
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.
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.
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.
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.