Monday, June 15, 2015

small business gets a helping hand

information taken from the government site


All small businesses will get an immediate tax deduction for any individual assets they buy costing less than $20,000. (Currently, the threshold sits at $1,000).
This $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish. These arrangements start from Budget night and continue until the end of June 2017.
Further information on accelerated depreciation is available on the ATO website.


The Government is reducing the tax rate for the more than 90 per cent of incorporated businesses with annual turnover less than $2 million. The company tax rate for these businesses will be reduced by 1.5 percentage points to 28.5 per cent.
To help all Australian small businesses grow, the Government will also provide a 5 per cent tax discount to unincorporated businesses with annual turnover less than $2 million from 1 July 2015. This delivers a tax cut of $1.8 billion over the next four years.
Further information on tax cuts for Small Business is available on the ATO website.


The Government will reduce red tape within the Fringe Benefits Tax (FBT) system by expanding the FBT exemption for work‑related portable electronic devices. This will help small business employees stay connected in the digital economy.
Small businesses will also benefit from Capital Gains Tax rollover relief when changing their legal structures but keeping the same owners.
Further information on changes to the FBT is available on theATO website.
Information on starting and running your small business is available at

Wednesday, July 10, 2013

lets kill small business by wrapping it in beurocratic red tape by those who have never run a business

I have been very busy with starting a new business and all the accreditations that are required to go with it so when I read the following it totally resonated with me:
Over the last few months, the Gillard government, the Federal Parliament and statutory bodies have made a number of important decisions that will impact on many businesses and add to business costs and compliance.

While a few of these decisions are individually reasonable, the compounding effect of additional costs and compliance burdens will be a further hit to business confidence which is already fragile after the lingering effect of the GFC, years of political instability and increasing uncertainty about policy settings. 
Many of the decisions have been hurriedly introduced without proper consultation and due process. The decisions will add to the frustration and cynicism of many business owners who are finding the ever-increasing burden of regulation, compliance and red tape difficult to finance and manage.
The list of recent changes includes:

  • 5% increase to the carbon tax (1 July)
  • Award wages up 2.6% (1 July)
  • Award allowances up CPI or 2.6% (1 July)
  • Superannuation levy paid by employers rising to 9.25% (1 July)
  • Fourth increase in four years to weekend penalty rates for retailers (1 July)
  • Unfair dismissal threshold and compensation going up (1 July)
  • Superannuation now paid to workers above 70 (1 July)
  • New consultation obligations whenever rosters or hours change
  • New obligations to consider family friendly rosters
  • New parental leave obligations
  • Increased powers to Fair Work Commission (union entry, workplace productivity)
  • Penalty rate principles legislated
  • New restrictions on recruiting overseas skilled workers under 457 visas
  • Reverse onus of proof and increased sanctions on employers to prove employee legal status (1 June)
  • Employers to finance union travel and entry to remote workplaces (1 January)
  • Right to sue employers for workplace bullying (1 January)
  • Union officials right to occupy workplace lunch rooms (1 January).
In the meantime here are a few suggestions for both sides of politics as they head into the Federal Election:

  1. RECOGNISE THE CRITICAL ROLE THAT BUSINESS PLAYS as the creator of jobs, innovation and wealth.
  1. SHELVE ANTI-BUSINESS LEGISLATION - such as changes to 457 visa laws, right of entry for unions and the legislation of penalty rates.
  1. Regulation is suffocating small business. The costs and time involved in complying with those regulations is bad enough, and the unnecessary duplication makes it even worse. Let's cut the red tape and give small business a break.
  1. Our tax and finance systems are impossible for the average small business person to understand and comply with. Many small businesses need to employ specialists and the whole process adds unnecessary cost and time while draining entrepreneurship. Let's ease the tax burden and make it simpler.
  1. Australia has become a very costly place for small business to hire, keep and dismiss staff. And when times are tough, that means jobs and hours get cut. It's also too hard to get workers with the right skills. Let's make it easier to employ people and create more jobs.
  1. Support enabling infrastructure to lift productivity and create jobs.  In Australia we talk a lot but it's time to move past rhetoric and actually do something about it.  For Canberra and the region this means
  • Building the Australia Forum Convention Centre NOW and
  • Putting a High Speed Rail connection between Canberra and Sydney (as a first stage in linking the East Coast capitals) out to the market NOW, rather than in 15 years time.  Both of these projects will deliver positive economic returns, create jobs and provide opportunities for businesses across in the ACT and region.
Canberra Business Council

Wednesday, April 24, 2013

Survival tools for the busy woman

Emotional pain is all based on the ego’s opinion. It decides things should be one way and things don't always go the same way. It is not a pleasant thing to suffer an ego-hit but it happens to all of us. So say to yourself when things go against you “This is natural. it's ok, this too shall pass” and then move on.
If you must get obsessed about something make it your freedom. Strive to take what comes in your path and if its an obstacle then move around it
If you are suffering then do it in silence never mention it or hardly ever mention it. Whinging and moaning about it just makes it worse. Ask for 'relief'
Some emotional pain is sexual or romantic pining. Learn to be warrior and be celibate and wait till one person with decency and honor comes along. Most of the people you fancy are not worth having and they may hurt you in the end. Wait.
Family: much pain arises from within the family unit. Give up on your desires for them or your need to control them. You’ll die from it if you don’t. And remember Einstein said “It’s all relative!”
Rip Offs: Werner Erhard of the EST seminar trainings said “Life is a rip off then you die” He was right. So get over it and focus on all the things that are beautiful and not a rip off.
 Lavender is a protector. When you feel emotional go to silence and put lavender in your bath water. When you get out put a few lavender drops in a towel and rub yourself down with it. As your skin radiates the flower essence the your vibration eases and changes. You become freer.. Be eco friendly and use handkies not tissues put a few drops of lavender on your handkerchief and smell it throughout the day.
You will thank yourself for it.

Friday, April 5, 2013


A tax exemption on superannuation earnings supporting pensions and annuities will be capped at $100,000, and anything above that level taxed at a rate of 15 per cent, the Federal Government has announced.
Announcing long-awaited changes to superannuation in Canberra today, Treasurer Wayne Swan said the measures would only impact on those with super assets of more than $2 million, or about 16,000 individuals.
The Government has been under pressure to detail any changes to superannuation planned for the May budget, with ongoing speculation that it would increase taxes for high earners.
Mr Swan said there was a disproportionate level of Government support that flowed to a select few.
“There is something wrong in the system where working Australians on average wages are providing excessive support to people with millions in their superannuation account,” he said.
“Why should someone who has millions of dollars in a superannuation account pay no tax on their earnings while someone on $80,000 a year pays a marginal tax rate of 37 cents in the dollar on every additional dollar they earn.”
Mr Swan said the changes addressed that imbalance.
Opposition Leader Tony Abbott has vowed to “fight ferociously” to block Labor's latest changes to superannuation.
“It is a raid on people,” Mr Abbott said.
Mr Abbott said the changes would play havoc with retirement plans.
“We will fight ferociously to stop this change from going ahead,” he said, adding it was a Government raid on people.
“Every time a government raids people's funds, there are shades of Cyprus about it.”
Under existing arrangements, all earnings on assets supporting income streams (superannuation pensions and annuities) are tax-free, in contrast to earnings in the accumulation phase of superannuation, which are taxed at 15 per cent.
The $100,000 threshold will be indexed to the Consumer Price Index, and will increase in $10,000 increments.
Assuming a conservative estimated rate of return of five per cent, earnings of $100,000 would be derived from individuals with around $2 million in superannuation.
These changes will not affect the tax treatment of withdrawals.
Withdrawals will continue to remain tax-free for those aged 60 and over, and face the existing tax rates for those aged under 60.
The changes will save the Government about $900 million over the forward estimates.
Combined with changes announced in last year's budget to increase the tax rate of 15 per cent to 30 per cent for those earning $300,000, the measures will save $10 billion over the next decade.
The Government will save $6 million applying the new concession cap to those on a defined benefit fund, such as federal politicians and judges.
The Government will simplify the design and administration of the proposed higher concessional contributions cap by providing an unindexed $35,000 concessional cap to anyone who meets certain age requirements.
It has decided not to limit the new higher cap to individuals with superannuation balances below $500,000 in light of feedback from the superannuation sector.
The system of excess contributions tax, introduced by the Howard government in 2007, will be changed.

Excess concessional contributions will be taxed at the individual's marginal tax rate, plus an interest charge to recognise that the tax on excess contributions is collected later than normal income tax.
About 59,000 people on the top marginal tax rate will have a slightly larger tax liability because of the interest charge.
Treasury estimates in 2013-14, the change will reduce the tax liability of about 41,000 people by an average $1300.
Superannuation Minister Bill Shorten said the Government was acutely aware that many people approaching retirement were keen to boost retirement savings beyond the mandatory contribution.
For people aged over 60, concessional caps will be increased from $25,000 to $35,000 from July 1.
That concession would be extended to those aged 50 and over from July 1, 2014.
There will be further changes to the handling of lost super accounts.
Last year, the Federal Government announced lost super accounts up to the value of $2000 would be transferred to the Australian Taxation Office, to protect them from being eroded by fees.
The balances would also earn interest equivalent to the consumer price index once they are reclaimed.
The balance threshold will be increased to $2500 from December 31, 2015 and $3000 at the end of 2016.
“This means that rather than shrinking, people who are temporarily disconnected from their super, will have it grow by the time that it's found,” Mr Shorten told reporters.
A 20-year-old with $3000 in an inactive superannuation account will be able to claim about $3400 from the ATO after five years.
Mr Swan said the change in the tax exemption cap on earnings would help restore a number of the original intentions of the superannuation system to keep it fair and sustainable.

Tuesday, April 2, 2013

Manufacturing activity has fallen for the 14th month in a row, according to a survey from the Australian Industry Group released today.
More businesses are closing due to aging manufacturing population and apprentices not being encouraged to enter the manufacturing and "hands on" work force as more and more Australians go for work in "clean" work environments such as offices rather than in building and manufacturing. I think we may be a few moreyears away from 3D printing storming the market place.

Friday, March 22, 2013

Cougars, grr

Light reading for the weekend
Allure did another one of those fluffy surveys.  This time it was to find out how men and women really feel about a woman’s changing looks, the effects of plastic surgery, and whether sex gets better with age.  Allure polled 2,000 people nationwide
survey says:- women believe their beauty peaks at 31 – but agree with men that 30 is the most seductive age for a woman.
- men are the most confident in bed between the ages of 50 and 69, while women experience their peak of sexual confidence between age 18 and 29.
-57% of the men and women polled agreed that sex gets better with age, only a third of male baby boomers said they were attracted to women their own age.
-36% of men between 18 and 29 say that ’cougars are hot’.
-women are more pressured to look young.
-grey hair makes a women look old, but on a man it’s considered distinguished…although 63% of men color their hair to look younger, compared to only 36% of women.
Overall, 70% of men and women say they take non-invasive anti-aging measures, and only 1% admit to getting cosmetic surgery, injections and/or laser treatments.

thought for the day

so few people view low interest rates as a form of financial repression that favours the elite