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RESULTS IN YOUR BUSINESS, FINANCIAL & TAXATION AFFAIRS
If your business is in the hospital/non-profit sector and uses salary packaging for team members, you’re a small business, or provide team members with a gym or space to do yoga, then there are a few things you need to know beyond the basic FBT changes when the new FBT year starts on 1 April 2016.
1. You will pay more FBT
The Fringe Benefits Tax (FBT) rate is currently 49%. The rate increased from 47% on 1 April 2015 in conjunction with the introduction of the 2% debt tax on high-income earners (...
Why a tax on high income earners will disadvantage many with salary packaging agreements.
In last year’s Budget, the Government introduced a 2% ‘debt tax’ on high income earners - the temporary budget repair levy. Unlike many other announced Budget changes, the debt tax bill passed Parliament in record time - 12 sitting days with no amendments.
While the debt tax itself only directly affects those with taxable income above $180,000, there are a number of other tax changes that came in with the d...
It’s almost impossible to predict what the local and global economic environment has in store for us in 2015. The ‘who knows’ factor is adding to uncertainty and in general, business is not ramping up for growth but maintaining a ‘steady as she goes’ approach – meaning low investment and jobs growth.
Outcome of the reserve bank board meeting
The Reserve Bank of Australia ("RBA") have yesterday joined a chorus of other central banks and cut interest rates by a quarter percent to 2.25%...