Budget brings surprises

Early May mornings in Melbourne are often cold, crisp and still.  Watching the hot air balloons slowly drift across the city skyline is a sight familiar to many Melbournians.  Nationally though, early May brings endless speculation about what the Federal Budget will contain.  This year, the changes announced to superannuation took everyone by surprise.  Both Reasonable Benefit Limits and taxation on received benefits for people over 60 will be abolished.  These changes will have a major impact on the way that people plan for retirement.  They are significant changes and will encourage people to put more into their superannuation savings.  This issue of InFocus Online contains leading articles on the Budget and the changes to superannuation.

Client Infocus - Geofabrics Australasia

You might not be familiar with floatation curtains and sand sausages but they are just a couple of products that make “sustainable development” a reality.

With land availability and ecosystems under increasing pressure, we are now recognising the importance of “sustainable development”.  Geofabrics manufacture and distribute a range of products that reduce the environmental impact of engineering projects. You may be surprised to realise that most of us rely on Geofabric’s products every day. 

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Big changes to superannuation

The Treasurer’s announced changes to superannuation will alter the way that many Australians save for retirement.

Last month’s Federal Budget delivered announced sweeping changes to superannuation. There will be a reduction of taxes on superannuation benefits and a relaxing of the Pensions Assets Test. The changes will give people much greater incentive to invest in their superannuation.  However, strategies still need to be considered on how to gain the most from your superannuation.

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Federal Budget 2006 highlights

With the Federal Budget announced recently, we discuss some of the highlights.

We also include some of the 2006/7 ATO rates.

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The Count Report

Read the  May Count Report including articles on:   Going global with your investments   Are your hard earned savings on the road to nowhere?   It is estimated that only 55% of Australians have a valid will in place when they die.   Read the report

Tax tip

A recent ATO ruling has created an opportunity for tax savings for couples who jointly own negatively geared investments.

We also discuss some of the Budget implications for salary packaging.

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Small business CGT concessions opened up

The Government has adopted recommendations that will reduce compliance costs for small business and increase the availability of the concessions.

In a recent report, the Australian Board of Taxation recommended that the Government amend the small business CGT concessions to reduce compliance costs for small business as well as increase the availability of the concessions.

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Simplified Tax System becomes more flexible

Businesses are now able to choose their accounting method when using the
Simplified Taxation System.

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Paying electronically?

Bank transfers and BPay are a great way to pay your bills and many of our clients prefer to use this convenience. However, we would like to remind you to use the annotation fields to either identify yourself or the fee number. It makes our task of allocating payments a lot easier.

Around the firm

New practice partner announced

Bruce, Cliff and Peter are pleased to announce that Tim Flowers will be joining them as a partner in the firm from 1 July 2006. Tim has been with us for almost 7 years and has proven his skill, ability and dedication as Audit Manager. He has made a major contribution to our growth and success in that time. Tim brings with him the drive to see this continue and the desire to provide opportunities for all staff members.

The partners are also pleased to announce the appointment of Helen Boucher to Audit Manager. Helen has been with us for over 6 years and has built excellent client relationships as a Senior Accountant in our Audit team.

We would also like to extend our congratulations to Matthew Stokes and Andreas Faulwetter and their wives Fiona and Erica on the birth of Zoe and Tristan respectively. Both families are doing well and we wish them all the best as they get used to being first time parents.

Disclaimer This publication has been prepared on the basis of information available at the date of preparation. The information is general in nature and is not to be taken as substitute for specific professional advice. We recommend that our advice be sought on specific issues prior to acting on transactions affected.