What does the May 2015 budget mean for you and your business?

The big news on 12 May was the government handing down their second budget. There have been some significant changes announced in the budget and it’s important to understand how these changes will affect you. There wasn’t a lot of tax reform in the budget because of the government’s forthcoming White Paper on Tax Reform, which is considering a number of different aspects of the taxation system in terms of fairness, complexity and how it can be improved. The White Paper on Tax Reform will not be completed quickly. However, it will most likely form the government’s policies leading into the next election.
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Employee or contractor – where do you really stand?

One of the most commonly-asked questions in our discussions with professional consultants and small business owners is the definition of employees v. contractors from a tax law perspective.

This conversation is often had with clients who want to minimise their tax and are thinking of earning their income through a company structure (to limit their tax rate to 30%) or splitting their income via a trust to their spouse.

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Medicare levy, Medicare levy surcharge, private health insurance rebate, and medical expense deductions finally explained

Over the past year many people have been turning to Billings and Ellis for expert advice on the confusing interaction between the Medicare levy, the Medicare levy surcharge, private health insurance rebates and the ability to claim the medical expense offset.

This article attempts to explain each of these topics in plain language so that you can more easily structure your affairs with tax minimisation in mind.

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