What are some of the tax changes heading into this end of financial year?
Heading into the end of the financial year, the Australian Taxation Office (ATO) has made some changes to the way Australians will be taxed. Here at AAA Finance, we thought it would be timely to have a quick reminder about some of how your taxes could have changed.
Will any of these affect you or your company? A low doc loan for any business with an ABN may be a great solution to keeping up with the working capital requirements that growth in a sector requires.
What tax changes have been implemented?
The Australian government recently outlined three key areas where taxation will be changing for the national economy. The first, and potentially the biggest for many businesses, is that multinationals will no longer be able to send their money offshore in order to avoid paying tax on it. Any profits that are being made in Australia will need to be paid tax on, in Australia. It's a simple way for the economy to continue thriving without being taken advantage of by companies looking for a quick way to turn a profit.
The online shopping industry in our country is worth $16 billion in annual revenue, according to IBISWorld. That might be set to change, as GST is being introduced on any online purchases from an international online retailer. Consumers hoping to save a cool 10 per cent on their purchases will no longer be able to access this particular loophole.
Foreign investment is also something that will be changed up for this end of financial year. Overseas investors pump a great deal of money into the Australian economy, and ATO has taken over the implementation of foreign investment regulations already. No longer will property buyers be able to get around paying the taxes they owe, thus boosting the economy even further.
The Australian government has taken great steps in order to help the situation of the whole country. If you want to chat about ways to help your business at this time, get in touch with AAA Finance today.