The Abacus 360 2016/17 Federal Budget Review.

With exciting changes for business and individuals such as a reduction in the company tax rate, a 5 fold increase in the small business turnover threshold and a tax break for those earning between 80 and 87k, we have put together a budget summary to keep you fully informed.

To find out how these changes affect your personal and business affairs, give us a call on 07 3379 1625 to book some time with one of our individual or business advisors.

Target Practice

The 2016-17 Federal Budget is a budget of targets – broad targets to boost business and innovation, and the narrow revenue targets of the wealthy and multi-nationals.  It’s a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions.

At one end, the Budget contains broad measure to bolster business, investment and innovation including tax cuts and a number of tax measures enabling and freeing up alternate funding and investment sources for business.

At the other end are significant reforms restricting access to superannuation concessions as well as a stronger crackdown on multinationals diverting profits outside Australia.

To police the new revenue measures, the ATO gets an extra $678.9 million to establish a new Tax Avoidance Taskforce.

Plus, the Budget allows for a $1.6 billion “decisions taken but not yet announced” election war chest.

Budget Summary!


  • Company tax rate reduced to 25% over 10 years
  • Increase in tax discount for unincorporated small business to 16% over 10 years
  • Small business entity threshold increase to $10m from 1 July 2016
  • $1k GST exemption on imported goods abolished from 1 July 2017
  • UK style diverted profits tax to reign in multinationals


  • $500,000 lifetime non-concessional contributions cap from Budget night
  • Reduction in concessional contribution cap from 1 July 2017
  • Tax exemption on earnings supporting transition to retirement income streams (TRIS) removed from 1 July 2017
  • 30% tax on super contributions of high income earners extended
  • Tax free super balances capped at $1.6m from 1 July 2017


  • 32.5% personal income tax threshold increase to $87,000 from 1 July 2016
  • Subsidies to create employment path for unemployment youth


  • $678.9m ATO anti-avoidance taskforce
  • Tobacco excise adds $4.7bn

Our first newsletter and Fringe Benefits Tax!

Welcome to our brand new Abacus 360 Newsletter.

As our services have grown, I have recognised the need to keep both our business and individual clients informed and excited about constant changes that are occurring in the areas of business and taxation.

I am excited that each month we will be able to bring you some easy to read news and developments that affect your business as well as tips and tricks from our experienced staff, key dates to remember and some fun insights into our team!

March is always an interesting month. It marks the end of the 2016 Fringe Benefits Tax (FBT) year and is a great time to review the first few months of your 2016 financial performance.

In this months newsletter we bring you our TOP 4 tips for FBT, introduce you to our lead tax accountant, Jade and bring you a way to free up time with a handy Technology Tip.

Our Team hope you enjoy, if you have any questions about this months topic feel free to give us a call on 07 3379 1625.

Lies, damn lies and statistics: The real story behind the tax reform debate

Welcome to our April Newsletter for 2016

We are now well into Autumn and enjoying the cooler weather. I am currently on a well-earned break with my family in Europe while my team continue to work hard for our clients.

I love April, particularly April 1 with its pranks and jokes. We’ve included some fun ones below!

One event that is never a prank, even if it feels like it sometimes, is the upcoming budget in May. With the budget and an election due this year, we start to see a lot of facts and figures circulating from politicians, community interest groups and business. Understanding fact from fiction can be quite a task.

This month, we take a look at some of these figures particularly relating to the tax reform debate, specifically regarding proposed changes to negative gearing and superannuation. We also discuss some positive changes for business restructures and capital gains tax.

Please enjoy and as always, if you need some friendly advice or just want to bounce some ideas, our office is always open or give us a call on 07 3379 1625.