1 July Tax Changes For Small Business

As of the 1st July a number of federal and state tax changes will come into effect that may impact your business. These changes include:

• Fuel tax credit rates: You may now be eligible to claim.
• Personal income tax thresholds: Don’t forget to apply the new thresholds to all your employee payments.
• Small business Capital Gains Tax (CGT) concessions: You may now be eligible to claim.
• Superannuation: Changes to how you calculate super contributions for your employees.
• Fringe Benefits Tax (FBT): Remember that claims for certain items (including laptop computers, personal digital assistants and tools of trade) purchased after 13 May 08 must only be made on eligible work-related items.
• Pay-roll tax: Reductions will apply to many state and territory pay-roll tax rates.
• Stamp duty or land tax: Check if these reductions apply in your state/territory.

For further information on any of the federal changes above, please contact the Tax Office. For further details of changes to pay-roll tax, stamp duty or land tax in your state or territory, please contact your State or Territory Revenue Office.