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Entries by synecticgroup
The Turnbull Government’s Federal Budget, delivered on 3rd May 2017, included the most significant structural changes to the Australian superannuation system since compulsory superannuation was first introduced. Pre-budget speculation had anticipated many changes, however some have gone much further than anticipated.
An increase in the middle tax bracket from $80,000 to $87,000 is long overdue and works to overcome the significant bracket creep issues of recent years. Gareth Atkins, Synectic From 1 July 2016, the government will increase the 32.5% personal income tax threshold from $80,000 to $87,000.
Delivering his first Federal Budget on 3rd May 2016, Treasurer Scott Morrison said that tax breaks have been given to small businesses first as they are “more likely to reinvest their earning and more likely to be Australian owned.” Australian Small Business Ombudsman Kate Carnell says “… this year’s Budget certainly provides a framework for SMEs […]
The final tranche of 2015 small business budget announcements have made it into law, now expanding the tax relief available for small businesses to change the legal structure of their business. This new arrangement is designed to provide greater flexibility for small businesses to change legal structures without incurring an immediate CGT liability, and allowing […]
Many people, as employees, get their tax returns wrong in relation to claiming work-related travel expenses. The absence of hard and fast rules can makes claiming travel expenses difficult. Often the deductibility of such costs can depend on the nature of employment, the amount of time spent away from home, and whether an allowance has been received to cover the costs.
Choosing a business structure can be tricky. How you choose to legally structure your business can have many tax, legal and financial implications. There are four commonly used legal business structures in Australia: sole trader, partnership, company and trust. The advantage and disadvantages of each should be carefully considered before you decide which one is […]
Is there a problem with using your company’s assets for yourself? Assets that belong to your business, but which are used for your own benefit or enjoyment, can potentially trigger a tax issue known as “Division 7A”.
With less than 100 days until the 30 June 2016 deadline, the ATO is reminding Australian small businesses to get “SuperStream ready”. If your #smallbiz is not already using #SuperStream, you need to get on board now. Click To Tweet
Running your own self-managed super fund (SMSF) can provide a great means of managing your retirement savings, with the potential for more control, greater choice and lower costs. In fact, more than one million Australians are now members of an SMSF.
Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.
Our mission is to help people, businesses and the community prosper.
We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.
A: 49 Best Street, Devonport
P: (03) 6424 1451
A: 30 Burnett Street, North Hobart
P: (03) 6239 4900
A: Level 1, 99-103 George Street, Launceston
P: (03) 6337 6777
M: PO Box 6003, Devonport, TAS, 7310