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Every business owner should be aware of the Payroll Tax obligations for businesses, are you?

If you own a business with taxable Australian wages exceeding the threshold for your relevant state, then this could relate to you.

In September 2016, our treasurer Scott Morrison announced that from 1 January 2017 the tax rate for the first $37,000 for all working holiday makers in Australia will be reduced from 32.5% to 19%.

In November 2016, he made another announcement reducing the rate further from 19% to 15% and the law received Royal Assent on 2nd December 2016.
However, for any wages that were paid during 1st July 2016 to 31st December 2016, the employer still has the obligation to withhold 32.5%.

We have seen a huge number of self-managed superannuation funds created in the last 20 years as a vehicle to build retirement savings and at the same time, save tax.

This has put old family trust on the back burner to some degree as a legitimate investment vehicle of choice to hold investment assets.

Young People spend too much on their phone.

Another big problem for young people is keeping up with the fashion and forking out for a big mobile monthly plan, including an expensive phone, only to lose or break it.

A lot of the biggest money mistakes younger generations make are pretty straightforward. Taking money issues seriously from a young age means you will have more of it, rather than the problems they can pose in the long-term.

Managing your money can be tedious, but spending can be easy. Gen X’s and Baby Boomers shouldn’t get too smug about this issue because of lot of these problems ring true for them as well.

About CS Consulting Group

CS Consulting Group provides the depth and breadth of services available from any major accounting firm while providing the personal touch only a locally-owned firm can offer.