Budget 2016-17

TARGET PRACTICE

The 2016-17 Federal Budget is a budget of targets – broad targets to boost business and innovation and the narrow revenue targets of the wealthy and multi-nationals.  It’s a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions.

At one end, the Budget contains board measure to bolster business, investment and innovation including tax cuts and a number of tax measures enabling and freeing up alternate funding and investment sources for business.

At the other end are significant reforms restricting access to superannuation concessions as well as a stronger crackdown on multinationals diverting profits outside Australia.

To police the new revenue measures, the ATO gets and extra $678.9 million to establish a new Tax Avoidance Taskforce.

Plus, the Budget allows for a $1.6 billion decisions taken but not yet announced” election war chest.

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FBT 2016

Recent changes for salary packaged entertainment benefits

 

The government has recently made changes to how salary packaged entertainment benefits are dealt with for fringe benefits tax (‘FBT’) purposes, and the changes apply from 1 April 2016 (ie. From the start of the 2017 FBT year). These changes include the introduction of a new $5,000 cap on the value of concessionally taxed entertainment benefits that can be provided to you in an FBT year. This new $5,000 cap will apply in addition to the existing cap of that applies to fringe benefits provided to you. Read More »



Merry Christmas from Brett and the Team

As we head towards the end of another year at Hansens I’m feeling completely bemused as to how we could possibly be in December already?  So let’s take a look back at some of the issues that our clients, and all small businesses, have faced over the last 12 months – and ponder where the future of Australian small business is heading. Read More »



Do Amazing Things

Today is the day we turn the final page of the calendar and think to ourselves “December already?! Where did this year go?”, and as we enjoy the Christmas festivities I’d like to take a look back over my year here at Hansens. Read More »



Unwind with Confidence

In my role as Client Relationship Coordinator I am frequently communicating with our clients to ensure they are aware of their ATO lodgement obligations and due dates. Read More »



2015 Budget: Impact on Business

$20k asset write-off

Spruiked as a win for small business, this incentive gives you an up-front tax deduction for certain business assets.  Remember that these assets would have been claimed as a tax deduction over the next few years anyway.  So, what is the real effect of this measure?  Simply put, it cashes in your tax deduction for the asset in the one hit, instead of over the next few years. Read More »



Why is inventory control important?

Every business that purchases, uses and sells inventory, needs effective inventory control systems and management. From purchasing raw materials for manufacture to storing inventory, right through to selling and shipping finished products to your customers, inventory monitoring and control is essential for the health of your business.

Let us take a look at the key factors and see how good inventory control can help your business flourish. Read More »



The Federal Budget 2015

It’s that time of the year again where the number crunches in parliament put their heads together to release the Federal Budget.

It seems that the focus of this year’s Budget is to spend, spend, spend…… with the government targeting productivity to keep the economy ticking over.

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My Friends Often Ask Me…

Sole Trader Vs Company

Assuming you’re running a business (and not just an employee), you may have asked the question:

Should I be a Sole Trader, or should I start a Company?

Here is a simple guide to help you make the right choice. Read More »



Am I Paying Too Much Tax?

Imagine that your tax affairs are arranged neatly as pieces on a chessboard.  Are you just starting out in the game, awaiting your first move?  Is your business already well established in the game, and looking for a better position?  Perhaps you are nearing the end-game, with retirement in sight, and looking for that final exit strategy.

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SMSF – Being in control of our own destiny

The world of Superannuation is often met by a grunt and a groan by many Australians.

When I talk to clients, friends or associates about Super, I often get the same response – the frustration of not being able to access “your” money until you are too old to enjoy it.

But why do we feel this way? Read More »



Welcome

Hello and welcome to the new Hansens website!

In response to our growing online presence it seemed only natural to shake up our online platforms and bring them into the ‘now’. Our new website aims to provide you with the latest and most relevant information, news and resources. Read More »



Tax: Love it or hate it?

By Michael Franco

Accountants live and breathe the implications, ramifications and even the occasional benefit the tax system offers up every day. It is our job to achieve the most

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The 2015 Budget has been delivered…

Hansens Accountants – Friday, May 16, 2014

So, the 2015 Budget has been delivered. What is the big-picture outcome impacting the business environment?

It is clear that the Government wants to encourage business activity through companies by reducing the company tax rate from 30% to 28.5%.

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Key Logistics

Hansens Accountants – Monday, April 28, 2014
By Amy Jenkins

 

Recently, it has been an often revisited topic in the media – the discussion about the younger generation and their potential to own property one day. Can it be a reality?

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What is your “why”?

Hansens Accountants – Wednesday, March 21, 2012

To put this question into some kind of context for you I need to go back a couple of weeks.

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