Articles

The Budget Savings (Omnibus) Bill 2016 was passed by the Senate on 15 September 2016 without amendment and now awaits Royal Assent.

Among other measures the Bill implements measures announced in the 2016-17 Federal Budget reducing the rates of the tax offset available under the R&D tax incentive for the first $100m of eligible expenditure by 1.5 percentage points. The higher (refundable) rate of the tax offset will be reduced from 45% to 43.5% and the lower (non-refundable) rates of the tax offset will be reduced from 40% to 38.5%.

The federal government has today (15 September 2016) made substantial changes to the superannuation package originally announced in the 2016-17 Federal Budget in May 2016.

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On 21 June 2016 the State Government delivered the New South Wales (NSW) budget results for the 2015-16 year.

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With less than a week until the 30 June SuperStream compliance deadline, the Australian Taxation Office (ATO) has announced it will extend the deadline to small businesses until 28 October 2016.

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Abolition of duty

From 1 July 2016 stamp duty has been abolished on the transfer of business assets in New South Wales.

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The 2015/16 year is almost at an end, presenting a perfect time to consider any tax planning opportunities that may be relevant to your business, including the following.

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From 1 July 2016, the following transactions will no longer be subject to stamp duty:
1. Transfer of marketable securities; and
2. Transfer of business assets.

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There has been a different flavour to the speculation around this year’s Budget. While election year budgets are often chock full of juicy promises, a certain new spice has been added to this one due to its very close proximity to a double dissolution poll being officially called.

An interesting balancing act was foreseen between the promises of the Prime Minister Malcolm Turnbull and Treasurer Scott Morrison that this Government will "live within its means", and the need to provide their Party with a launch pad for a marathon election campaign.

Expectations were high – or low depending on your viewpoint – for a distinct lack of expensive promises from a Government keen to prove it can responsibly manage the economy, and for the terms "jobs and growth" to feature prominently.

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