Position Vacant for an Awesome Accountant!

Synectic are experiencing rapid growth, particularly in advisory services, and are seeking an awesome accountant who is motivated to be an integral part of our success.

 Work with some of Tasmania’s most successful businesses, family groups and high-net-worth individuals

 Join a team where your individuality and contributions are valued

 Progress your career with individual mentoring and a focus on supporting personal growth

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Tax rates and thresholds 2016-17

To save you having to search for the right tax rate or relevant threshold this tax season, we’ve put all the relevant information in one place.

Our guide includes tax rates, offset limits, benchmarks, rebate levels, allowances, superannuation and fringe benefit tax rates and thresholds, student loan repayment rates and salary levels.

Federal Budget signals significant changes to superannuation

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.

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Federal Budget delivers tax relief for middle income earners

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.

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Small and medium business: the big Federal Budget winners

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 to grow and prosper.”

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Tasmania’s promising economic growth

Tasmania’s economy has grown equal-second fastest in Australia in the December 2015 quarter – equal with New South Wales (0.6%) and second only to Victoria (0.8%) – according to state final demand Trend figures released by the Australia Bureau of Statistics (ABS) this week. Seasonally adjusted figures also show solid growth (0.7%), placing Tasmania fourth in the nation behind Victoria (1.2%), NSW (1.1%) and the ACT (1.0%).

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Continued growth of busy audit team

We are delighted to announce that Phillip Brown has come on board full-time with Synectic, having been working for the firm up to 2 days a week over the last couple of years. Phillip brings a wealth of knowledge in the audit of Self Managed Super Funds (SMSFs) and not-for-profit community organisations, as well as trust accounts and general accounting.

So if your organisation is not getting the attention it deserves from your existing auditor, get in touch with Phillip at our Launceston office, 99-103 George St, or phone 03 6337 6777.

Federal Budget 2015: Individuals & Families

There were few particularly notable budget impacts for personal taxation; personal tax rates will not change, however changes were announced for work related car expenses, Medicare levy thresholds, and the Zone Tax Offset. For families, a new childcare package was announced and parental income testing for allowances to young people will be amended.  The budget announcement which will have the most significant impact on middle Australia is the child care reform package.

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Federal Budget 2015: Superannuation

As promised, there were no new changes for superannuation. However, a number of measures affecting pensions were announced including: rebalancing asset test thresholds and ‘taper rates’; improving the integrity of social security income tests arrangements; a decision not to proceed with elements of the previously announced measure to maintain eligibility thresholds for Government payments; and a decision not to proceed with pension indexation to CPI.

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Federal Budget 2015: Small Business

Small business is a sector that came out a clear winner from this year’s Federal Budget. In an effort to support growth and employment, announcements included: tax cuts for every small business; accelerated depreciation for assets less than $20,000; an immediate tax deduction for professional expenses; CGT roll-over relief; and FBT changes for electronic devices.

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