Increasing the social security asset test thresholds – thresholds have increased for most social security benefits:

Reduction in the company tax rate from 30% to 28.5% for companies that are small business entities with an aggregated turnover of less than $2 million. The company tax rate for corporate unit trusts and public trading trusts that are small business entities will also be reduced to 28.5%. For all other companies that are not small business entities, the corporate tax rate will remain at 30%.

A change to the rates of assistance under the R&D tax incentive to 43.5% (down from 45%) for eligible entities with a turnover under $20 million per annum and not controlled by a tax exempt entity, and to 38.5% (down from 40%) for all other eligible entities. This would apply from 1 July 2014.

Superannuation rates and thresholds for next financial year have been released. The main changes for 2015/16 are:

Loans to family members
When documenting loans to family members, the document should include a term, even if it says “a term of 10 years, to be renewed every 10 years”.

If you are considering structuring your affairs with the mindset of only reducing your taxable income here are a few things you need to know as Negative Gearing is not always the answer.

Running a business takes determination and focus. But sometimes it’s difficult to see the wood from the trees and see all the options available to you. Use this 6 step process to assess and consider new business plans

From 1 July 2015 there are new rules for the tax treatment of employee share schemes, including tax concessions for start-up companies.
Employee share scheme changes allow employees to now own up to 10 per cent of shares in their employer company, up from 5 per cent.

The ATO has warned taxpayers to be aware of a phone scam intimidating people into paying a fake tax debt over the phone. It has reminded taxpayers that the ATO will never cold call a taxpayer about a debt or threaten jail or arrest. A reminder letter or SMS will be sent about a due payment at first.