Concessional Gains Tax

From the 2007-08 financial year, owners selling their small businesses benefit from a higher minimum asset threshold of $6 million, up from $5 million; and are, alternatively, eligible for the CGT concessions if their turnovers are under $2 million – even if asset values exceed $6 million.
The combination of the small business CGT concessions together with the standard CGT concessions available to all taxpayers may completely wipeout CGT on the sale of a business – whether held by individuals, trusts, companies or partnerships.

Programs and Grants

Australian government programs and grants for Australian businesses are available at
www.ausindustry.gov.au
Other good source is a website developed by the NSW Department of State and Regional Development for small businesses. Topics include management, resources, current issues and more:
www.smallbiz.nsw.gov.au

Income tax rates in Australia

Individual income tax rates 2004-05
Tax on this income

$0 – $6,000 Nil

$6,001 – $21,600 17c for each $1 over $6,000

$21,601 – $58,000 $2,652 plus 30c for each $1 over $21,600

$58,001 – $70,000 $13,572 plus 42c for each $1 over $58,000

Over $70,000 $18,612 plus 47c for each $1 over $70,000

From 1 July 2006:
· The 42 per cent threshold will increase again to $70,001.
· The 47 per cent threshold will increase again to $125,000.

For more info visit income tax in australia.

Income tax in Australia

Tax rates 2004-05 Individual income tax rates

$0 – $6,000 Nil

$6,001 – $21,600 17c for each $1 over $6,000

$21,601 – $58,000 $2,652 plus 30c for each $1 over $21,600

$58,001 – $70,000 $13,572 plus 42c for each $1 over $58,000

Over $70,000 $18,612 plus 47c for each $1 over $70,000

From mid-2006, taxpayers earning $70,000 to $125,000 a year will face the 42c marginal rate (43.5c counting the Medicare levy). About 10 per cent of taxpayers will be in this bracket, compared with 3 per cent paying the top marginal rate.

For income tax in australia visit Oztaxline.

BRW's Rich 200 and us

Trident Press reports that:
One of the most common things that is said to me by people when I talk about investing is, "Yeah.but I don't have any money to invest, well not enough to make me fabulously rich anyway". That may be true (to a certain extent), but there are over 240,000 millionaires in Australia and how many of them started with very little or only invested a few dollars a week? A greater percentage than you would expect. In fact most of them. Becoming rich doesn't happen overnight, it takes time, patience, discipline, sacrifice and good information. I would say "Information" is the crucial ingredient, without it you end up investing in "dogs" and laggards" and wondering where you went wrong. Most of the millionaires in Australia have money in the Australian stock market and the richer ones probably have money in investments such as the ones in my books such as US and European Shares, Trust Funds, Unusual Investments, Offshore Investment and Managed Funds and some investments right here in Australia. Now, most of these 240,000 millionaires are just like you and I (you may already be one of them), but the difference between them and the other 98% of the population is that they know where to put their money to make even more money. Putting it into under performing super funds, banks or purely Australian managed funds is not the way. You must diversify into offshore investments, non-equity investments and "undiscovered" offshore equities. This is where the "real" returns are. We are talking returns from 25% to 100%+pa year after year. If you haven't started investing, now is the time, it's never too late. Facts prove that a consistent investor that chooses their investments carefully always does better than a "market timer" or a procrastinator. So, start today and you too can end up in the growing ranks of Australia's investment millionaires.