Financial year-end preparation

What’s changed and what’s new?

It has been a year of recovery for Australian businesses, with the country achieving some of the best economic outcomes in the world.

While there have been disruptions, there have also been additional allowances and tax changes designed to assist businesses.

Stay on top of your obligations with this helpful […]

2021 Federal Budget business breakdown

What the Federal Budget means for business

To help create jobs, business investment and confidence after COVID-19 created the first recession since 1990, the Federal Government has just released a big spending 2021-22 Federal Budget.

Based on our analysis, the big winners appear to be:

Business – the instant tax deduction for buying equipment, cars, […]

Changes to company tax rates

There are changes to the company tax rates

The full company tax rate is 30% and the lower company tax rate is 27.5%.

This page shows when to apply the lower rate and how to work out franking credits.

Company tax rates apply to:

companies corporate unit trusts public trading trusts.

The full company tax […]

2020/21 Federal Budget Summary

Salisbury Accountants Federal Budget Summary 2020/21

1. Personal income tax changes

1.1 Changes to personal income tax rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from […]

Key COVID-19 measures by State and Territory

Australian State and Territory economic relief and stimulus package summaries

In response to the coronavirus (COVID-19) pandemic currently impacting the economy and businesses generally, each Australian State and Territory Government has announced relief and other support packages as part of the broader economic stimulus measures.

To assist our clients, the NTAA has prepared the following […]

Increased fuel tax credit rates

Fuel tax credit rates increased on 3 February

Fuel tax credit rates change regularly. They are indexed twice a year, in February and August, in line with the consumer price index (CPI).

Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes […]

Low and middle income tax offset now law

Personal Income Tax Plan changes now law

In the 2019–20 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan.

These changes are now law.

From the 2018–19 income year:

The low and middle-income tax offset increases from a maximum amount of $530 to $1,080 per annum and […]