5 Questions to ask your Sydney accountant or book keeper about how the new federal budget affects tax time

The new Federal Budget has been announced and is in effect in Australia. Since tax time is just around the corner, it’s a good time to assess now if you will be impacted by the Federal Budget changes. We talked to a number of Sydney accountants and they gave us 5 important points to talk to your accountant about.

How does the new Federal Budget affect my tax situation?

Whilst the changes may be minor for the 2015 year end, for planning purposes, you may find it helpful now to see if will be impacted for the tax years June 2016 and beyond.

What about childcare?

The new budget will actually benefit families using childcare especially if your income falls between $65,000 and $170,000 starting 2017. In January 2016, there will also be available funding for 4,000 nannies for families whose work hours make it difficult to use traditional childcare.

What’s going to happen with the pension?

The new budget plan may adversely affect your pension eligibility if you are in a higher income bracket. While the new test thresholds and taper rates will not go into effect until January 2017, if you are close to receiving the pension, it is important to talk to an accountant now and see if the new thresholds will impact you in terms of being eligible for the pension.

What if I’m an asset-free pensioner?

According to the new Federal Budget, about 170,000 part-time pensioners will be getting an increase in their benefits. On the other hand, wealthier pensioners will be getting less and nearly 91,000 will be losing access to payments.

How does the budget affect paid parental leave?

The parental leave schemes are also changing. After July 1, 2016 parents will no longer have access to the government funded parental leave scheme.

These are some of the important budget changes that will affect your taxes next year and in the coming years. Staying connected with your locally recommended accountants, book keepers and tax agents is key to helping you stay informed and managing your financial and tax situation in order to gain the maximum benefits.

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