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Posted by on in Sharp Accounting Blog

The 2016 Federal Budget has been marketed as one driving “Jobs and Growth”.

Ignoring the obvious political connotations given we are heading into a federal election, let’s have a look at the key Budget Measures that will affect you and your business.

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In the recent 2016-17 Victorian state budget there was one change that may positively impact a number of Victorian businesses.

This was the increase in the threshold of Payroll tax from $550,000 to $650,000 progressively over the next 4 years. The payroll tax threshold has not changed since 2002 for Victoria.

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From 1 July 2015 the government has made changes to the way you can claim your work related car travel.

Prior to 1 July 2015 taxpayers could use four different methods to calculate their claims. Read on to see what changes were put in place.

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The top 3 percent of workers could be in trouble this federal budget with persistent whispers in Canberra that the tax rate on super contributions could double for the people who earn more than $180,000 a year. 

Obviously by introducing this measure the current limit would be reduced from $300,000 to $180,000 imposing a 30 percent tax rate on the super contributions of tax payers in this taxable income range. Everybody else pays 15 per cent tax. At the moment the higher tax kicks in when before tax income plus super contributions exceeds $300,000.

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With budget night fast approaching, there is more and more press regarding potential superannuation changes that be made to both Superannuation Contribution limits and also pension or assessing of your super via an income stream.

With all of the uncertainty that currently exists, we suggest you contact your accountant if you are over the age of 55 and not currently drawing a pension from your superannuation. Your accountant will be able to advise the taxation implications of such a pension and talk you through this.

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With the 2016 budget fast approaching it is quite possible that there will be a few changes to the tax system specially focusing on reducing the superannuation tax concessions.

We have noticed that in the days leading up to the 2016 federal budget there has been a lot of talk in the media about the federal government reducing or limiting the tax concessions available in the current superannuation system.

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