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Be ahead of the news in accounting, private wealth and finance
Small business is a sector that came out a clear winner from the 2015-16 federal budget delivered by the Treasurer Joe Hockey. Despite the lead-up mutterings that the budget was going to be “dull and boring”, there were nevertheless a few surprises contained in the pages of the budget papers.
Many key budget announcements that comprised the government’s small business package were leaked pre-budget and confirmed in the final budget papers. Details of the following are spelled out below, but they include:
The measures that were previously unknown include:
The budget contained a proposal for a so-called “Netflix tax” (that is, extending the GST to digital products and services imported by consumers in Australia). However, another rumoured GST change, to decrease the GST exemption threshold of $1,000 that applies to purchases of imported goods, did not make an appearance.
The Treasurer’s touted “Google tax” was also a notable absentee. In its place, the government plans to implement an anti-avoidance rule specifically directed towards very large multinationals. Other anti-avoidance announcements aimed at the same taxpayers illustrate intentions to “combat multinational tax avoidance”.
As promised, there were no new changes for superannuation and some adjustments for pension entitlement tests. There were few other notable budget impacts for personal taxation. The budget announcement which will have the most significant impact on middle Australia is the child care reform package.
Source: Taxpayers Australia Limited
These are the key takeaway points for the Federal Budget 2015 but there are many more important, for more information or a copy of our full budget handout you can phone us on (03) 9999 7200 or contact us here.