We all get bombarded with information from every source possible and frankly, it's too much. Even if you haven't already flicked it into spam you probably don't have time to read it. We call it Information Overload. So, on this page we've selected big picture news items we think are relevant and of interest to our clients.
In the 1500s English houses had thatched roofs, thick straw piled high, with no wood underneath. It was the only place for animals to get warm, so all the cats and other small animals (mice, bugs) lived in the roof. When it rained it became slippery and sometimes the animals would slip and fall off the roof.
Following the release of the first tranche of draft legislation for proposed changes to superannuation, it’s time to take a look at other tax-effective structures and ask how they might stack up for investors.
Treasurer Scott Morrison may not have said outright that he was targeting SMSFs when he announced the proposed changes to super, but he may as well have. The fact is that the potential changes are set to impact SMSF trustees more significantly than the general population, and many are asking what their options to supplement superannuation savings are.
The UK took the world by surprise when its citizens voted to leave the European Union (EU). This unprecedented move has left everyone wondering what’s next (and Google searching if the sharp uptick reported by the search engine is anything to go by).
Australia’s lowest-paid workers will get an extra $15.80 a week from July 1 after the Fair Work Commission handed down its annual minimum wage decision. This translates to $672.70 per week or $17.70 per hour.
GST and importation of low-value goods
From 1 July 2017, GST will be imposed on goods imported by consumers, regardless of the goods’ value. The GST liability will be imposed on overseas suppliers, using a vendor registration model. This means suppliers with Australian turnover of $75,000 or more will be required to register for, collect and remit GST for all goods supplied to consumers in Australia.
The Federal Treasurer, the Hon. Scott Morrison MP, delivered his first Federal Budget last night. Significant budget initiatives were announced in regards to Superannuation Contributions and Superannuation Pensions. Also Small Business turnover threshold will increase to $10 million from 1 July 2016.