Are you ready for the 2015 Tax Return Canberra?
The 2015 Budget is about to be released and it will be important for those with either an individual 2015 tax return or a company 2015 tax return (including trusts) to get across the forthcoming changes to the accounting landscape.
A simple change to the tax rates in 2015, such as reduction in company or income tax rates, can affect a 2015 tax return by thousands of dollars.
The Australian Government has foreshadowed a range of possible changes to tax rates and deductions that will impact on a 2015 tax return. These range from a reduction in the tax rates for small business to changing of the superannuation contributions tax.
For those with an individual 2015 tax return key things to look out for include:
- Changes to the taxation treatment of investment properties (negative gearing);
- Changes to the taxation of superannuation;
- Changes to the income tax rates;
- Change to the capital gains tax and discounts; and
- Change to private health care rebates.
For those with a Company or Trust 2015 tax return key things to look out for include:
- Changes to the company tax rate, particularly any reduction;
- Changes to depreciation rates claimable for assets;
- Changes to the immediate deduction threshold for companies;
- Changes to the GST rate and Business Activity Statements;
- Change in Fringe Benefits Tax and
- Changes to Capital Gains tax.
It is important to plan ahead for your 2015 Tax Return as it is often too late to do taxation planning for your 2015 tax return at the end of the financial year.
For more information or to schedule an appointment, please contact us below or call us on 1300 627 829
