Budget 2015 & small Tax Breaks

Tax cuts for small business
If your small business has a turnover of less than $2 million per year, these tax breaks apply to you.

• 1.5% tax cut for companies
If your business is a company, you’ll get a 1.5% company tax cut from 1 July 2015. Your new company tax rate will be 28.5%.

Visit the Australian Taxation Office (ATO) website for more on the company tax cut .
• 5% tax discount for other businesses
If your business is not a company, you’ll get a 5% tax discount from 1 July 2015. This means the amount of tax you need to pay on your business income will be reduced by up to 5%, capped at $1,000 each year.

Visit the ATO website for more on the tax discount .
• Asset deductions
You’ll be able to immediately depreciate any asset costing less than $20,000 which you buy from Budget night until 30 June 2017. There is no limit on the number of assets costing less than $20,000 that you can immediately depreciate, but you need to buy them between Budget night and 30 June 2017.

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Tax planning & Super Contribution 2015

Tax year ending 30th June 2015 is fast approaching, there is tip for individual tax payers and employers who have higher taxable income, would like to reduce income, so reduce tax payable for the year by contributing super for themselves, or for their employees by certain date and in certain way.
For individuals who are not employees, or if are, earning not much as employees such as sole trader, partners in partnership, investment individuals: if they make personal super contribution to superfund, it can be a tax deduction in your tax return, However you must do it within the required timeframe, and in a proper way to be able to eligible for tax deduction. Your fund must acknowledge the receipt of the contribution you made on or before 30th June 2015, meanwhile, you must notify your fund your intension to treat this contribution you made for tax deduction purpose.
For employers who contribute super on their employees’ behalf, to be able to deduct super as business expenses, the contribution must be made before 30th June 2015