Free tax guide
Pitcher Partners Newcastle and Hunter has published a free Tax Facts guide.
Partner Michael Minter said the pocket-sized guide contained handy tax facts such as personal and business tax rates (including payroll tax, stamp duty, land tax and lump sum payments), taxation lodgement and payment dates, and facts on superannuation.
Mr Minter said the guide gives people at a glance access to key tax rates and information to save them time.
He said whilst there were no major changes to personal tax, some of the key changes for business from July 2015 include:
• a 1.5% tax cut for small business taking the tax rate to 28.5%
• a 5% tax discount for unincorporated small business owners capped at $1,000 per individual
• upfront asset deductions for small business
• immediate deductibility of certain start-up costs for small businesses
• adjustment of work-related car expense deductions to remove the 12% of cost and one-third actual expense methods, and to fix the per km rate at 66 cents, regardless of vehicle size Mr Minter said it is important for businesses and individuals to not leave tax planning until the end of a financial year. He said if businesses haven’t already started tax planning they should make it a priority task.
“Tax planning helps you to meet the elements of your business plan in the most tax efficient way and can help you to legitimately minimise tax,” Mr Minter said.
“You need to consider your income and deductions but also whether you will meet compliance requirements,” he said.
“Forward planning is always better than playing last minute catch up.”