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Federal Budget 2019/20

April 9, 2019 | Posted in Blog | By


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From the desk of Christopher Emmanuel

I have read the Federal Budget 2019/20 proposal, tax section only, and I have to say that I like what I saw.

Since I am an accountant and tax agent, this article about the budget was filtered to the tax proposal only. Overall, the lower and middle-income earners are the focus of this tax budget.

Maximum tax offset will be increased up to $1,080 for income up to $90k and will be gradually decreased to $0 for income between $90k to $126k.

With the base lower income tax offset of $255, this means tax free taxable income is effectively $19,500 instead of $18,200.

The new targeted offset will benefit over 10 million low- and middle‑income earners

The other major proposal that I really like is the simplification of the Australian Tax Bracket system (Progressive Tax System). Proposed, if elected, in 2024/25, they will abolish the 2nd largest tax bracket, 37%, and increased the 2nd level tax threshold to $200k, up from $37k in 2017/18.

Now unto Small Business. We also win big time, with the proposal to fasten the reduction of tax rate for small business corporate entity from 27.5% to 25% five years earlier. Who wouldn’t want that?

The only downside with the reduction of the tax rate, with the current law, the franking rate can only be maxed to the rate of the current tax rate applied. So if there were a small business who have paid 30% tax rate, they will not be able to distribute the difference as an imputation credit to the dividend being paid, thus this will create a massive excess franking account balance, which will never get distributed. The only time this will ever be distributed is when the government increases the tax rate again or the small business entity received 80% of its income from passive investments, thus putting them back to the 30% tax rate.

Also, from 1/07/2019, the Government increases the threshold for SBE Immediate Write-off to $30,000. This is a great news for a lot of small business entities but still my advice, just because there is this tax break, you will still need to judge wisely whether you will need to spend $30k just to reduce your tax.

In conclusion, I like what I being proposed in the budget and hope that we all can benefits from this.

Kind regards

Christopher Emmanuel


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Government Scraps $500k Super Lifetime Limit

September 15, 2016 | Posted in Blog, Superannuation | By


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From the desk of Christopher Emmanuel

I was disappointed when the government put the new measurement against the superannuation in the last budget. From our view, this is a very limiting move by the government in the name of making sure that it is not misused.

I am glad that the government notice that this is a bad move and it will not give a positive results. Today they have announce that they are scraping the super 500k lifetime limit measurement and changing it to $100k limit per year and 3 years bring forward limited to those with balance up to $1.6 million.

I believe this is a more fair measurement and should be received with the most welcome hands. Although I prefer the old measurements but this is still a good thing rather than the government making super as a very not attractive vehicle for people to use.

Kind regards

Christopher Emmanuel

Related external articles/news:

  1. SelfManaged Super – Govt scraps $500k super cap: https://goo.gl/MQARwE
  2. SkyNews – Government scraps $500k superannuation cap: https://goo.gl/wjVVnJ
  3. Daily Telegraph – Superannuation reform: Government to scrap $500,000 cap: https://goo.gl/m1M5bH
  4. Financial Observer – Govt scraps $500K lifetime cap: https://goo.gl/aGwVRU

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NAB Initiative For Small Businesses

March 26, 2014 | Posted in Blog | By


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Recently, NAB has launched it’s new initiative to support Small Businesses in Australia, called The Village. It is a co-working space where small business owners can use the space to operate their business, whether to have client’s meeting, staffs meeting, etc. Facilities provided are fully equipped meeting room, hot desks, free wifi, etc.

At the moment, their pilot site is located on 700 Bourke St in Docklands, Melbourne, their new 6-star Greenstar building.

Thank you NAB for such great initiative. Looking forward for the Village in Sydney.

http://www.nab.com.au/personal/campaigns/the-village


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Do It In A Dress :: Suzy Jukes

October 16, 2013 | Posted in Blog, Inspirational | By


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From the desk of Christopher Emmanuel

Today I would like to discuss about a dear friend of mine whom I admire and respect dearly and what has she done through a wonderful cause, Do It In A Dress.

I first heard about this, last year on a five days seminar back in October 2012, when I first met her I was surprised that she was dressed up in a school dress. We were all pumped up to know the story behind it. It really is a conversation starter. She ended up having all of the participants in the seminar supporting her and in total she sent 36 girls to school. Amazing.

I don’t usually promote a charity but in all honesty, there were lots of things we can learn from Do It In A Dress, whether marketing, sales, leadership, vision, mission, cultures, etc. Imagine you got lots of people, famous or not, community, groups, businesses, etc dressed up in a girl school dress because of one vision, to be able to send one girl to school.

Please see the video below:

If you can relate yourself with their vision, why don’t you donate through my friend:

http://doitinadress.com/suzy

Kind regards

CME-Signature

Accounting Entrepreneur, Mentor, Author, Speaker
Cashflow-Networks


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Tax Update :: Fringe Benefit Tax

September 19, 2013 | Posted in Blog | By


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From the desk of Christopher Emmanuel

In July 2013, the Labor government announced that they will scrapped the statutory method for car fringe benefits for most of the category.

This has caused trauma in the motor vehicle industry. Lots of novated lease company have to downsized their employees because suddenly lots of customers cancel their plan to provide this benefits for their employees and waiting to see whether this is going to pass to be legislated.

Fortunately, the Labor government did not get re-elected and the Coalition government promise to cancel the plan of scraping the statutory method.

We’ll have to see yet whether Tony Abbott’s government will keep their promise or not.

Kind regards

CME-Signature

Accounting Entrepreneur, Mentor, Author, Speaker
Cashflow-Networks


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BMW Corporate Event :: International Motor Show :: 10th September 2013

September 10, 2013 | Posted in Blog | By


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Enjoy… The introduction of BMW i8

Official Youtube video:


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Election, What It Means For Businesses

September 6, 2013 | Posted in Blog | By


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From the desk of Christopher Emmanuel

Welcome back on this issue. After awhile not having an active website and now it’s finally here. I’m glad to be able to provide valuable information and opinion to all my readers.

I try as much as possible not to get involve with politics but I make an exception and that’s when it’s actually affecting businesses.

Now while I’m not promoting or against particular party; both from my point of view are being screwed up by their own ego. Notwithstanding the nature of their job on hand are huge and the responsibility they will carry, I found the norms for each party to looked down on each other if not to specific person is completely out of boundaries.

Anyway with that being said, I am sad that Kevin did not keep his promise when he was re-elected to work closely with small businesses, with the plan to scrap statutory method of Fringe Benefits Tax (FBT). While it’s not chaos and doomed, this has dented the trust of small businesses in him. The move was not and still not welcomed inn the businesses community.

On the other hand, Abbott is not a saint to the small businesses either, with the plan to introduce paid maternity and parental leave up to 18 months. This will cost small businesses millions if not billions.

All I can say for voters, always know that whoever we choose will carry a very heavy tasks and duties to get us out of the need we are in. We are at a critical point in our economy. Whether we realize and admitting it or not, the importance for us to wake up and take responsibility of our own destiny is now more important then ever. It is a known fact that there is no job securities.

I am more then ever committed to convey the message of Entrepreneurship. We are the master of our own life and thus making everyone of us Entrepreneurs.

Hope this message will flick a fire in all our hearts. It’s a movement to be ignited.

Kind regards
Christopher Emmanuel
Accounting Entrepreneur, Mentor, Author, Speaker
Cashflow-Networks

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