The Peter Vickers Business Group was founded in 1979 by Peter Vickers – a core strength from day one was accounting. In order to satisfy the needs of our clients we have grown to provide a comprehensive range of financial services. We provide these services to a broad range of clients, across a diverse range of industries and professions, both in Australia and overseas.
Tax Rate The government has proposed to limit the entities subject to lower corporate tax rate to base rate entities with no more than 80% passive income from 2017/18. At the time of writing, this law has not yet passed. For the 2017/18 year, the aggregated turnover threshold is $25m and the base rate entity tax rate is 27.5%.The small business income tax offset remains the same, which is 8% discount of the income tax payable on the business income received from a small business entity (other than a company) with aggregated turnover of less than $5m, up to a maximum of $1,000 a year.
Accelerated Depreciation An immediate deduction is still available for an asset costing less than $20,000 acquired and first used or installed ready for use on or before 30 June 2018. The balance of the general small business pool is also immediately deducted if the balance is less than $20,000 at 30 June.