8 tax changes for small businesses in 2014

We have provided you a link to a great article which highlights a few of the proposed changes which may affect you, as a result of the 13/14 Federal Budget:

1. Individual tax rate increase by 2% for those earning $180,000 + from 1 July 2014

2. Superannuation rates to increase to 9.5% from 1 July 2014

3. Instant asset write offs reduced to $1,000 from 1 January 2014

4. Accelerated depreciation for motor vehicles repealed from 1 January 2014

5. Increase in Medicare levy to 2% from 1 July 2014

6. Increase in 2015 Fringe Benefit Tax (FBT) rate & gross-up rates from 1 April 2014

7. Changes to age-based concessional superannuation caps from 1 July 2014

8. Repeal of company loss carry back rules effective from the 2014 income year

To See full article: http://myob.com.au/blog/8-tax-changes-for-small-businesses-in-2014/

Source: Joe Kaleb, 8 tax changed for small business in 2014, myob.com.au published 13 May 2014,