The release of the 2015-16 Federal Budget holds many changes for small businesses.
This whitepaper by Joe Kaleb, Chartered Accountant and CEO of Australianbiz outlines the 2015-16 Federal Budget key tax measures that will affect businesses.
The whitepaper also outlines other business tax measures and changes to personal tax and to superannuation rules that may affect business owners.
• Key tax changes impacting business
• Economic impact summary
• Business and personal tax changes
• Superannuation announcements
Overall, the Government has reduced the amount of tax small businesses need to pay and have maintained their commitment to superannuation compliance obligations such as SuperStream.
This means small businesses need to take action to keep software updated and compliant, enabling them to realise productivity benefits. If you’re using MYOB accounting software, your compliance update will be ready for you by the end of financial year.
The changes in the Federal Budget will affect every business on July 1. Subscribing or upgrading your MYOB software will ensure your business is always compliant with tax changes, including the government’s new SuperStream system for paying super contributions.