Our August 2017 Tax Newsletter contains important information for small businesses and Superannuation Funds.
The new developments we discuss are:
- Tax cut for small businesses - Legislation has passed to apply a 27.5% corporate tax rate from 1 July 2016 for small business entities with aggregated turnover of under $10 million.
- Instant asset write-off extended for small business entities - the period has been extended during which small businesses can access accelerated depreciation. The extension is for 12 months, ending on 30 June 2018.
- Super reforms - changes have been made to TRIS, CGT relief, pension cap and LRBA integrity rules which come into effect from 1 July 2017.
- Self-managed super funds - The 2017 SMSF annual return and instructions have been released. The key changes include the transitional CGT relief for super funds as part of the 1 July 2017 reforms, reporting on limited recourse borrowing arrangements (LRBAs) and early stage investor tax incentives.
To read more about these changes please click on the link below:
If you have any further questions, please contact us on 02 9580 3353