News

The “debt tax” has flow-on effects for businesses

The “debt tax” has flow-on effects for businesses

June 11, 2014

The announcement from the Federal Budget of a three year Temporary Budget Repair Levy on high income individuals (2% in excess of $180,000 — see our Budget report for details) will result in the top marginal tax rate increasing from 47% to 49% (inclusive of the Medicare levy). However there are a number of other…

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Guidance on how to deal with instant asset write-off uncertainty — at last

June 11, 2014

As most small businesses know, the previous government introduced a number of small business tax relief measures as part of its Mineral Resources Rent Tax (MRRT, or mining tax) legislation. These included: the ability to instantly write off asset purchases up to $6,500 in value (up from the existing $1,000 relief) instant write-off of the…

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