1 JULY 2017 CHANGES
1 JULY CHANGES Happy New Financial Year! The following tax changes commence 1 July 2017 and may impact you or your clients: Income Tax Deficit Levy to be abolished – thus resulting in a 2% tax cut for individuals with taxable income in excess of $180 000. Minimum Wage On 6 June 2017, the Fair Work Commission handed down its annual wage review. The decision varied the following: • Minimum wage rates in Modern Awards – increased by 3.3% from first full pay period commencing on or after 1 July 2017 (rounded to the nearest 10 cents) • National minimum wage – increased by 3.3% to $694.90 per week, or $18.29 per hour • Wages for juniors, apprentices – most rates are expressed as a percentage of nominated adult rate so they receive a proportionate increase to the adult rate • Wages for trainees and piece workers – most trainees are covered by the National Training Wage system that is included as a schedule in most awards. National Training Wages will also be increased by 3.3% from the first pay period on or after 1 July 2017. Piece rates will increase in accordance with the relevant provisions in the modern award, pay scale or transitional award. • Supported wage system – employees with a disability: these employees are paid a percentage of the relevant adult wage, based on their assessed capacity. The 3.3% increase will also flow through to these...
read moreYOUR FINANCE SOLUTIONS FOR 2017
With the start of the new year most businesses will be looking at making their business bigger, better, and more profitable. Are you wanting new equipment? refurbished machines? better technology? or do you simply want to bring your employees better, safer, more modern equipment? Benson Leasing offers you funding for new or used equipment and vehicles. We are leaders in commercial equipment finance and leasing, and have Funding Companies ready to offer you new year deals today. Chattel Mortgage – Operating Lease – Purchase – Rental Novated Lease – Finance Lease – Commercial Hire – Motor Vehicles – Trucks & lifters – Computer Equipment – Coin Operated Machines – Point of Sale – Refrigeration – Concrete Pumps – Butchery Equipment – Bakery Equipment – Printing Equipment – Air Conditioning – Almost Anything Call us today on 1300 795 058 to discuss the best financing option for your business, and your individual needs; and make the most of 2017 by getting your business off to a solid...
read moreFringe benefits tax
What’s a fringe benefit? Any items you provide to your employees that are not part of their normal salary are considered fringe benefits. This includes things like: allowing an employee to use a work car for private purposes paying for employee’s private health insurance providing entertainment through food, drink or recreation, or giving employees cheap loans More comprehensive examples for fringe benefits can be found on theATO website. The FBT year runs from 1 April to 31 March. Fringe benefits tax rates The FBT rate changes for the year ending 31 March 2015 onwards. FBT Year: Ending Mar 2014 (and prior years) Rate: 46.5% FBT Year: Ending 31 Mar 2015 FBT Rate: 47% FBT Year: Ending 31 Mar 2016 & 31 Mar 2017 FBT Rate: 49% FBT Year: Ending 31 Mar 2018 onwards FBT Rate: 47% A full list of the FBT rates and thresholds can be found on the ATO website, including details on: Car fringe benefits statutory formula rates Deemed Depreciation Rates – Cars...
read more$50,000 approval with no Financials
There is no reason why your business should be going without new updated equipment. Whether it is time to update your equipment, or buy additional equipment to cater for more staff, we have the financing solutions for you. Can this be true? Yes, if you’ve been in business for 2 years and are asset backed (i.e Home owner or land owner) and have a good credit rating, Benson Leasing can now offer finance for up to $50,000 worth of equipment without tax returns or financials. Think of the endless uses for injection of up to $50,000 into your business! Did you know that we finance shade structures for restaurants, café’s, pubs and clubs. Recently Benson Leasing have helped secure finance for the Bangor Tavern and Three Fish Restaurant, Cronulla who have both erected Malibu Shades in their outdoor eating areas; and all with simple “no-financials” finance. Customer Spotlight Bistro 32, Caringbah Bistro32 is the latest venture for Chris & Maryanne Carroll bringing them back full circle to French style cuisine of their multi award winning restaurant “Christies” at Kogarah Bay. The classic Parisian style features warm burnt orange tones and soft lighting typical of the bistros of Paris. The Menu features French classics as twice baked cheese souffle, beef ribeye with bearnaise & frits, shellfish ragout and creme brulee. They are fully licenced with a wine list featuring French and Australian wines. Head chef Tod Laurence is well known from his time at “Le Trois Freres” at...
read moreWhat is a Bitcoin?
Bitcoin noun: bitcoin; plural noun: bitcoins; a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. “bitcoin has become a hot commodity among speculators” a unit of bitcoin. “bitcoins can be used for online transactions between individuals” – Oxford Dictionary reference Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by lots of people running computers all around the world, using software that solves mathematical problems. But bitcoin isn’t based on gold; it’s based on mathematics. It’s the first example of a growing category of money known as “cryptocurrency”. Bitcoins can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. BUT, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money. Can I Use Bitcoin to secure finance? Essentially NO! There are many rules and the legality of your bitcoin activities will depend on who you are, where you live, and they are popular in many circles and have even incorporated an EFTPOS card, but Finance Companies in Australia will only deal with cold hard cash! The ATO do not have an answer on how to tax them. And you will probably not be able to borrow funds to buy Bitcoins, but of course his is only a ageneral rule, and we recommend you talk to your Financial Adviser if you are interested in this at all. The information out there is very plentiful, and if you are interested in learning about the Pro’s and Con’s, here are some useful links for you to read for your interest: http://www.dailyreckoning.com.au/bitcoin-the-whole-story/2014/02/15/ http://www.smh.com.au/business/banking-and-finance/australians-turn-to-bitcoins-to-boost-retirement-savings-20140805-100hcx.html http://www.coindesk.com/information/is-bitcoin-legal/...
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