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Robson Consulting Group
With over 26 years experience in Business
Management and personal wealth creation, Robson
Consulting Group is your "one stop shop" to all of
your Business growth and personal wealth creation
needs.
New measures to assist small
businesses
The Tax Office has
introduced new measures to help small businesses
that are struggling to manage their tax payment
obligations in the current economic climate.
Twelve-month general interest charge (GIC) free
payment arrangements
This measure is
available to businesses with an annual turnover of
less than $2 million who have an activity statement
debt.
Eligible payment
arrangements negotiated from 1 June 2009 to 30 June
2010 will have GIC remitted for the period the
payment arrangement is maintained (up to a maximum
of 12 months)
This may also apply to
payment arrangements negotiated prior to 1 June 2009
that are subsequently renegotiated.
Deferred activity statement payment due dates
Businesses with an
annual turnover of less than $2 million can request
a deferral of payment-only on their next due
activity statement.
A deferral of up to
two months can be granted for quarterly and annual
payers, and up to one month for monthly payers.
This deferral does not
apply to activity statements or remittance advices
that do not need to be lodged.
Lodgement is still
required by the due date.
Changes to super from 1 July
2009
A number of new
measures have received royal assent. These measures
took effect on 1 July 2009.
Temporary reduction of the super co-contribution
As announced in the
2009 Federal Budget, from 1 July 2009 the Government
has temporarily reduced the:
- co-contributions
matching rate |
- maximum amount
payable by the Government as a co-contribution on an
individual’s eligible personal non-concessional
super contribution.
Under this measure,
the new matching rates are now:
- 100% for the
2009-10, 2010-11 and 2011-12 financial years, with a
maximum co-contribution of $1,000
- 125% for the 2012-13
and 2013-14 financial years, with a maximum
co-contribution of $1,250
- 150% from 2014-15 onwards, with a maximum
co-contribution of $1,500.
Super co-contribution rates for previous years
From 1 July 2007 to 30 June 2008, the maximum
co-contribution amount was $1,500, and the
self-employed became eligible.
From 1 July 2006 to 30 June 2007, the maximum
co-contribution amount was $1,500.
From 1 July 2005 to 30 June 2006, the Government
announced a one-off additional payment, which
doubled your co-contribution entitlement for that
year. The maximum co-contribution amount was $3,000.
From 1 July 2004 to 30 June 2005, the maximum
co-contribution amount was increased from $1,000 to
$1,500.
Reduction in concessional
contributions cap
In the 2009 Federal
Budget, the Government announced:
- a reduction of the
concessional superannuation contributions cap from
$50,000 to $25,000 (indexed)
- a reduction of the
transitional concessional contributions cap from
$100,000 to $50,000 (not indexed) for those aged 50
years old or older for the 2009-10 to 2011-12
financial years.
The annual cap on
non-concessional contributions remains at $150,000
(indexed) for the 2009-10 financial year. In the
future, the non-concessional contributions cap will
be six times the level of the (indexed) concessional
contributions cap.
The following is a
brief summary of some of the key announcements in
this year’s budget:
Paid parental
leave: The Treasurer announced the introduction
of a paid parental leave scheme for parents earning
$150,000 or less commencing from 1 January 2011. The
scheme will provide 18 weeks paid parental leave.
Increase in
investment allowance for small business: It was
announced that the bonus deduction for small
businesses (businesses with aggregate turnover of $2
million or less), has been increased to 50% for
investments in new assets made between 13 December
2008
to 31 December 2009. |
