Small business accountants - new updates for clients!The Treasurer has recently released the mid-year financial outlook for the economy and it will come as no big surprise that the economy is not doing as well as forecast, largely due to international factors beyond our control.
Unfortunately, this means that Government tax receipts will be much less than forecast. To alleviate this issue, the Government has already announced that next May's budget will be rather tight on the expenditure side. The following raft of changes have also been announced as part of the Governments crusade to get as close as it can to delivering its promised budget surplus.
The start date of the standard deduction for work related expenses will be deferred until 1 July 2013
The start date of the 50% tax discount for interest income will be deferred until 1 July 2013
The start date of the phase down in interest withholding tax for financial institutions will be deferred until 2014-15
The start date of the new tax system for managed investment trusts will be deferred until 1 July 2013.
The Government will restrict the Dependent Spouse Tax Offset to those with spouses born before 1 July 1952.
As your business accountant please feel free to contact m.a.s accountants for any questions you may have.