Forsyths Newsletter June 2015
Have you done your tax planning?
It is not unusual for the June 30th to pass by too fast and leave you frazzled. Did you even do everything in your power to minimise your taxable income..
There are many tips and (legitimate) tricks to ensure that you reduce your taxable income for the end of the financial year.
Here are a few to help you start thinking about this financial year (June 30th 2015) which is only a couple of weeks away.
Budget
The 2015-16 budget has been released, and small businesses have been the biggest winners.
If you are a small business entity with an aggregated annual turnover of less than $2 million you will be eligible for the following incentives:
• Immediate deductions for assets costing less than $20,000
• Additional accelerated depreciation for primary producers
• Tax cut of 1.5% for small companies
• Tax discount of 5% for small unincorporated businesses
• Encouraging start-ups
• Enhanced access to business restructures for small businesses
• Pensions
• Zone Tax Offset – exclude ‘fly-in-fly-out’…
Overseas Bookkeeping: Cost Saving vs Security and AU Tax Knowledge
Did you know that many of businesses in Australia are now outsourcing their bookkeeping service to overseas facilities and employing overseas residents to perform their bookkeeping without you even knowing?
It is a growing area of business that people want lower costs and want to spend the money on more proactive, growing your business kind of advice than simple bookkeeping and compliance.
Therefore, in an industry already struggling to provide such low costs with their ongoing expenditure and rising bookkeeping hourly rates in Australia, many accounting and professional services are looking to source bookkeeping services overseas…