Budget Highlights: Cutting Red Tape for Small Business

From 1 July 2007:

The annual turnover thresholds for registration for the GST is increasing from $50,000 to $75,000 for businesses.

This is great news for many small business who are heavily burdened with compliance obligations and mounting late fines.

From 1 July, qualifying businesses may elect to de-register for GST and save themselves the headache. Every situation is different so it is important to speak with your accountant before making this decision.

Any clients considering this should give Alan a call first to discuss it. He will be able to advise you if deregistering is the best option for you personally at this time.

Feel free to give our office a call on (02) 4390 4156 or email alan@lewistaxation.com.au.

Budget Highlights: Personal Tax Cuts

The Government has announced $31.5 billion of tax cuts over the next 4 years:

• From 1 July 2007, the 30 per cent threshold will rise from $25,000 to $30,000.

• From 1 July 2008, the 40 per cent threshold will increase to $80,000, and the 45 per cent threshold will increase to $180,000