- A $5,000 up-front tax break for motor vehicle purchases made by companies with less than $2 million in turnover. This will cost the Government $350 million over the next four years, although this will be offset by the scrapping of the Entrepreneurs’ Tax Offset.
- A $3 billion package to increase skills and workforce participation. The centrepiece of this is a $558 million Workforce Development Fund, which will allow companies to bid for funding to train current and prospective workers.
- A reduction in fringe benefit tax breaks for company cars to a flat 20% valuation rate to apply, which will save the Government more than $950 million.
- More than $150 million for the ATO to crack down on phoenix companies, tax refund fraud and grants fraud.
- A new $34 million program to help Australian suppliers get involved in the Australia’s major resources projects.
- Increased funding of $60 million for venture capital for renewable energy.
- A change to the way quarterly income tax payments are made that will reduce payments made by small businesses in 2011-12 by $700 million. The payments will be made up over 2012-13.
- Another $7.1 million in funding for the small business support phone line.
- More than $4 billion for regional investment – as promised to the independent MPs when the Government took power last year.
NOTICE: Regarding Unsolicited Emails
We have recently learned of unsolicited emails that are being sent out, claiming to be “Fusion Financial Services” which typically contain the subject line “Invoice Is Ready For [Insert Name].”
While the sender may appear to be The Fusion Group, we want to confirm that this is not the case. The email includes a virus in the form of a Word document, claiming to be an invoice from Fusion. In the event that you receive an email that fits this description, close the message immediately and report it as spam.
The Fusion Group
Controlling your Self Managed Super
Self Managed Super Funds (SMSFs) continue to grow in popularity. What is the large appeal that prompts so many people to go their own way despite all of the obligations and responsibilities of being a trustee – and being regulated by the Tax Office? … more
Are Your Inactive Bank Accounts at Risk?
We’ve all heard about the “lost billions” sitting in idle superannuation funds around Australia but are you aware of what’s happening to hundreds of millions of dollars sitting in “inactive” bank accounts? Read on, you may be very surprised. … more