One of the most frequently asked questions our financial advisers hear is: “Should I repay my HELP debt (Higher Education Loan Program) early?” This question has gained more relevance recently, particularly due to the significant 7.10% increase in HELP debt indexation during the 2022/2023 financial year. Fortunately, the Federal Government has proposed changes that aim
The 2024-25 Federal Budget, unveiled on Tuesday, May 14, 2024, brings notable changes impacting individuals, businesses, and superannuation. Among the highlights are the eagerly anticipated Stage 3 Tax Cuts, reducing tax rates and raising income thresholds for higher tax brackets starting July 1, 2024. For businesses, the Instant Asset Write-Off is extended, providing small businesses
Salary Packaging is a remuneration arrangement that allows employees to receive a Fringe Tax Benefit by reducing their taxable income. There are significant financial advantages provided to employees who fall into the category of eligible participants, a group which includes many medical professionals. BUT navigating this process can be complex and certainly when moving between
The 2022-23 budget was handed down this week by Federal Treasurer Josh Frydenberg which encompassed the economic stability Australia is experiencing as it rebounds from the COVID-19 pandemic. Significant tax and productivity reforms were low on the agenda with focus mainly on key spending measures and continuing Australia’s post-pandemic, natural disaster and conflicted international environment
It’s Fringe Benefits Tax (FBT) time again and this FBT year will end on 31 March 2022. If you provide your employees with a benefit other than salary, wages, bonuses and superannuation, it’s likely you are providing Fringe Benefits to your employees. You could also be providing benefits under tax law, to employees’ family and
From 1 July 2016 investors have been able to benefit from the Early-Stage Innovation Company (ESIC) incentives for qualifying investments. The tax incentives available are: A non-refundable carry forward tax offset of up to $200,000 in any one income year Capital Gains Tax (CGT) exemption or reduction on eligible investments. Qualifying for the tax
Helping to Grow your Business The Queensland Government funded BGF program provides funding for small and medium-sized businesses who experience high-growth to assist with the purchasing of specialised equipment to further growth potential, increase production, and support employee expansion and higher economic returns. Small to medium sized business owners who are financially sound, and can
The announcement of the Federal Budget delivered on Tuesday night may have left you considering what the main outcomes and implications are to you and your business. The team at Walshs have put together a summary of the key considerations and take-aways from Tuesday’s Federal Budget announcement for you below. As always, we are here
