Happy New Year! After a lovely break, we re-opened the office on Monday with limited staff and I’m looking forward to having everyone back on board next week. There’s been a few interesting little things that have come up recently that I wanted to share:
Whilst not yet passed, it is proposed that:
* The $6,500 write off exemption for small business entities is being reduced back to $1,000
* The $5,000 write off on motor vehicle purchases for small business entities is being removed
* and these changes be implemented from 31st December 2013.
It is also proposed that intended increase to superannuation guarantee for employees be frozen at the current rate of 9.25% until July 2016 where it would be increased to 9.5%. Originally it was intended that the superannuation rate be increased on July 2014. There are a few other additional proposals such as removal of the school kids bonus, loss carry back rules and low income superannuation contributions.
Our very best wishes to all our blog readers for a fantastic 2014!