See our review of the Federal Budget – the issues that matter most to you, your business and the Tasmanian economy:
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We’re proud to be finalists in the Launceston Chamber of Commerce 2017 Business Excellence Awards, Professional Services category.
A big “thank you” to all our staff and clients who continue to embrace our culture of innovation, best practices and meaningful advice.
We are thrilled to welcome another highly skilled adviser to our team!
Matthew McConnell joins us as a Senior Financial Adviser. Based in our Devonport office, he will provide financial planning services to our clients throughout Tasmania.
“I am looking forward to helping Synectic’s clients identify and achieve their personal, family and business goals. It’s important to me that I provide clients with information to clearly understand their options. Synectic provides a great match for this service philosophy”.
The 2017-18 Federal Budget delivers an overall optimistic economic and fiscal outlook for Australia. After a 2016-17 budget deficit of $37.6bn, the deficit for 2017-18 is forecast to be down to $29.4 billion. Following that comes a projected surplus in 2020-21 of $7.4bn.
The Budget also anticipates an economic rebound, with growth at 3.0% from 2018-19. Forecast tax receipts for 2017-18 have been revised up by $6.4bn over the forward estimates to 2019-20 due to a range of new policy measures announced in the budget.
Despite no major new superannuation measures in the 2017-18 Federal Budget, the Government continues to tinker with Superannuation rules. In particular, the introduction of the $300K additional non-concessional contribution for older downsizers creates an exception to the recently-introduced Total Superannuation Balance $1.6m cap, and the concessions for first home-buyers to use super to save for a deposit sends mixed messages about the purpose of superannuation.
Small and medium businesses were the big winners of last year’s budget. It is therefore no surprise that the 2017-18 Federal Budget announcements have been less stimulating. However, there are still tax and business planning opportunities coming out of the Budget which we look forward to assisting our clients with.
Housing affordability has been one of the major components of this year’s Federal Budget, which featured a comprehensive package of tax and superannuation measures aimed at increasing housing availability and improving affordability. The government has also reigned in tax breaks enjoyed by many residential property investors in the hope of providing Australians with confidence that tax concessions are correctly targeted. These measures will be complemented by a number of supply-side initiatives including the release of Commonwealth land and housing supply targets.
The option of claiming a standard tax deduction for work expenses has long been talked about, in the hope of simplifying personal tax returns. It was speculated to be delivered in this year’s Federal Budget, however was not to be.
The 2017-18 Budget also contained no changes to the personal income tax rates and thresholds. This means that the Temporary Budget Repair Levy (2% on incomes over $180,000) will still expire at the end of the 2016-17 financial year.
Synectic wish to congratulate Chloe Smith, the 2017 University of Tasmania (UTas) recipient of the Synectic “Scholarship in Business”.
The annual scholarship is made available to a student entering the second year of an undergraduate Business degree. In recognition of the long heritage of our firm in the Devonport region the student must originate from North-West Tasmania, however may be attending any of the UTas campuses.