A new announcement of the federal budget 2018-19 has come which relates to your personal finance and expectations about the actual income tax.
The impact of the budgetary changes on the Long Term Capital Gains Tax may complicate the life for the businesses, in a sense, longer time to save more to meet the financial goals
In addition to the Personal Income-Tax Rate, it remains almost as unchanged as to the previous budget season. Moreover, the government will increase the Medicare Levy low-income thresholds for singles, families, and seniors and pensioners from the 2018 income year.
Changes affecting business taxpayers that extend to the $20,000 immediate write-off for small business, introduction of an economy-wide cash payment limit and alienating rights to partnership income.
Lastly, changes affecting trusts that improve the taxation of testamentary trusts and extend anti-avoidance rules for circular trust distributions are also implemented.
There are other budget announcements that may affect you or create business opportunities, and therefore, the current budget may also be an ideal opportunity for us to initiate a review of the tax plan for the upcoming financial year, should you be interested in bettering your financial situation or personal economic state, we Tax Ideas Accountants & Advisers are always more than happy to help you here. …https://taxideas.com.au/booking/ Tel: (02) 8318 1545