eWombat Search

Latest Accounting News
Hot Issues
Capital Gains and Renounceable Rights
Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
Australia's vital statistics
Our Advent calendar for 2017
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Articles archive
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 2 of 2015
Articles
Capital Gains Tax – which year?
SMSFs may be missing out on allowable deductions
Change to Early Access Rules
Checklist for Employers Year-end
Year-end Tax Planning – Trusts
Year-end Tax Planning – Small Business
Year-end Tax Planning – Individuals
Reminders and Tax Strategies for SMSFs pre-year end
Overtime Payments May Eliminate Claims for Unfair Dismissal
Tips and traps for acquiring SMSF assets from related parties
ACCC issues scam warning
SME Dispute Resolution
Land Tax – Victoria
R&D incentives at risk
ATO adds ‘hot issue’ to its SMSF target list
Additional Super Contributions Not Appropriate for all
Issues arising from an underpaid pension
Salary and Superannuation after the death of an employee
IPA calls for zero pc tax rate
Australian Government - Budget 2015
Budget 2015 - some professional opinions
Looming end to SMSF Borrowings?
ATO warns SMSFs on franking credits scheme
Lump Sum Payments - Employer Reporting
Small business tax cuts 'not enough', says IPA
R&D incentives at risk

Mid-size businesses stand to lose research and development (R&D) incentives and miss out on promised company tax rate reductions as a new bill was introduced to Parliament, according to Grant Thornton.



       


In a statement, the firm said that lodged deep within the federal Budget papers was a note that the level of the tax offset support was to be dropped by 1.5 per cent to 43.5 per cent for the refundable tax offset and 38.5 per cent for the non-refundable.


This bill has now been introduced into the House of Representatives and, if passed through Parliament, will apply for the years of income starting after 1 July 2014.


Sukvinder Heyer, national leader for R&D tax at Grant Thornton Australia, said the bill could hurt innovation and discourage investment.


“The reduction in the rate was to go hand in hand with the reduction in income tax rate. The reduction is therefore proceeding but the reduction in income tax rates is not, except for small business with a turnover of less than $2 million,” she said.


“Innovation does not happen in isolation. It requires companies – small, medium and large – to be playing their part. Stable support is needed at all levels. Continued changing of the rules leads to uncertainty – the antithesis for encouraging investment.


“Mid-size businesses need a stable environment to invest in innovation and the chipping away at the main mechanism for supporting innovation, without public consultation, is disappointing,” Ms Heyer said.


 


Staff Reporter
Thursday, 28 May 2015
www.accountantsdaily.com.au




8th-June-2015
 

Stapleton Group: 83a Boronia Road Boronia VIC 3155 | Phone: (03) 9760 7800 | Fax: (03) 9760 7860