The Treasurer Joe Hockey’s ‘no surprises’ Federal Budget involves limited superannuation and taxation changes, with a number of key measures having been announced prior to Budget night. Of note is the Government’s announcement that it will reform a number of family assistance measures, as well as the means test for the Age Pension.
The key initiatives in this year’s Federal Budget are:
- Many lower income young families will benefit from greater childcare subsidies but the introduction of an ‘activity’ test may disadvantage stay at home parents
- Pension assets test changes will benefit lower net worth retirees, however, higher net worth retirees may receive reduced entitlements
- It will no longer be possible to claim both the full Government and employer provided parental leave payments
- The company tax rate for eligible small businesses will be reduced by 1.5%
- Unincorporated small businesses will receive a 5% tax discount
- Small businesses will be able to fully deduct capital expenses of up to $20,000 per annum
Download the full analysis 2015 Federal Budget
If you’d like to discuss anything in this years Federal Budget please contact us.