The Government has estimated that around 50,000 currently self-funded retirees will be able to get a pension when the new rules commence. The property is managed for me by a real estate agency that takes a 7 per cent commission on the gross rent as their payment. It aims to provide an indication of the price changes that are likely to result from the new tax system changes. It has had a very good reaction from consumers - and from many businesses that appreciate that if their prices are within the estimates, they are less likely to be investigated. Price changes may vary between businesses as mark-ups and other relevant factors affecting prices will differ.
Cost savings take time to work through to consumers.
Other factors will also affect price changes during this period, including supply and demand, competition and suppliers' costs. A local business has asked me to do a one-off job but the manager tells me I need to supply an ABN or he is bound to withhold 48.5 per cent from my payments. I am a student and do not earn enough to pay income tax. They should also show how much input tax credit you can claim for the GST paid on the purchase of goods and services for your business. You can work this out from tax invoices and adjustment notices obtained from your suppliers.