Economy

Happy new financial year! All you need to know for the new year

Cara Waters /

feature-eofy-200Over the weekend we’ve clicked over to a new financial year, which means a lot of changes that you need to get on top of.

Forget diet and exercise resolutions in January, make July the month you get on top of the carbon tax and all the other legal and tax changes the new financial year has brought in.

This is our guide to getting your new financial year off to a flying start.

Carbon tax

The carbon tax came into effect on July 1, but many businesses are unsure about what the tax actually means for them.

The tax does not directly impact SMEs but some businesses will be indirectly affected by the tax. We prepared a list of six things you should have considered before the advent of the carbon tax.

Didn’t get to it? There’s still time to address the response of your business to the carbon tax.

Legal

It’s another financial year and another set of tweaks to the legal system.

Every time July 1 comes around, it seems there’s an avalanche of legal changes to wade through with regard to workplace, financial or personal law and this financial year is no different.

Tax

Just as the new financial year brings a heap of legal changes entrepreneurs need to read up on, the tax system is also set for a refresh.

And it’s a big change coming this year. New tax brackets, two massive industry-wide taxes and a whole heap of new assistance means there’s a lot to get your head around.

Here are the key tax changes to familiarise yourself with:

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Cara Waters

Cara Waters is the former editor of SmartCompany. Previously, Cara was a senior reporter at the Financial Times website FT Adviser in London and she also worked for The Sunday Times in London.

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