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Pitcher Partners | May 04, 2016
The superannuation changes announced in the 2016 Budget are significant, and they will make it increasingly difficult for individuals to accumulate significant super balances in the future. Existing super balances will largely be permitted to remain in the superannuation system, albeit largely in accumulation accounts where the 15% fund tax rate will apply on profits/earnings....
The government has announced a staged reduction of the company tax rate beginning in the 2017-18 income year.This change also involves a progressive increase to the annual aggregated turnover threshold for access to the 27.5% company tax rate, meaning that smaller companies will qualify earlier for the rate cut....
The government has announced a change to personal income tax rates, increasing the 32.5% rate threshold to $87k. The low income thresholds for the Medicare levy will also be increased. From 1 July 2016, the following individual income tax rates* will apply....
The government has announced its intention to remove the double taxation for GST purposes of digital currency such as Bitcoin.Currently, GST applies to both the purchase of digital currency and the subsequent use of that currency in purchasing goods or services which themselves are subject to GST....
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