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I have some business clients asked me how 2015/16's budget going to affect them.
The 2015/16 budget has placed responsibility for the growth of the economy firmly on the shoulders of small business. The government claims this is "the biggest small business initiative in our nation’s history" and they propose a range of small business concessions but virtually all of the stimulus and incentives are for ‘small businesses’ with an aggregated turnover of less than $2 million per annum. The 72,000 businesses in Australia with a turnover of between $2 million and $5 million who are significant employers and major taxpayers were excluded from these concessions.
This blog contains budget key points and feel free to contact us to discuss the concessions and how your business can capitalise on the opportunities, and also I have upload a detailed Budget Updates on our website .
The key budget measures that will impact small business are:
Cut the company tax rate from 30% to 28.5% for incorporated businesses with a turnover of under $2m
A tax ‘discount’ of 5% for unincorporated businesses, capped at $1000
Provide an immediate tax deduction for individual assets costing less than $20,000
Expanded Fringe Benefits Tax exemption for work-related portable electronic devices
Expanded Capital Gains Tax rollover relief when businesses change legal structures
Expanded tax concessions for employee share schemes
A Streamlined business registration process
Removing obstacles to crowdsourced equity funding
Provide $330 million for training programs to support young people to becoming job-ready
$1.2 billion in subsidies for employers that hire specific groups of job seekers including workers aged 50+
An extra $265.5 million for the Australian Tax Office to crack down on GST fraud
The budget also announced:
Changes to aged pension eligibility tests
Allocation of $3.5 billion to childcare
Cuts to paid parental leave for those parents who also receive parental leave from their employer
A Youth Transition to Work program for community workers
Foreign businesses supplying digital products and services subject to GST
If you have any questions regarding 2015/16's budget please contact us.