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More of the Federal Budget’s small business concessions now have certainty

Our post-budget wrap up looked at many of the announcements affecting small business with the “Growing Jobs and Small Business” package announced by the government on budget night. You can read more about the small business concessions at business.gov.au.

Now the legislation that many small business owners will be glad to see in place has made it through Parliament.

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Federal Budget 2015: Individuals & Families

There were few particularly notable budget impacts for personal taxation; personal tax rates will not change, however changes were announced for work related car expenses, Medicare levy thresholds, and the Zone Tax Offset. For families, a new childcare package was announced and parental income testing for allowances to young people will be amended.  The budget announcement which will have the most significant impact on middle Australia is the child care reform package.

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Federal Budget 2015: Superannuation

As promised, there were no new changes for superannuation. However, a number of measures affecting pensions were announced including: rebalancing asset test thresholds and ‘taper rates’; improving the integrity of social security income tests arrangements; a decision not to proceed with elements of the previously announced measure to maintain eligibility thresholds for Government payments; and a decision not to proceed with pension indexation to CPI.

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Federal Budget 2015: Small Business

Small business is a sector that came out a clear winner from this year’s Federal Budget. In an effort to support growth and employment, announcements included: tax cuts for every small business; accelerated depreciation for assets less than $20,000; an immediate tax deduction for professional expenses; CGT roll-over relief; and FBT changes for electronic devices.

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Federal Budget 2015: General Business and Tax Administration

General business announcements include: expansion of tax concessions for Employee Share Schemes; changes to the R&D tax incentive; a new tax system for managed investment trusts; streamlined business registration; and facilitation of crowd sourced equity funding. For tax administration: establishment of a Serious  Financial Crime taskforce; the value of penalty units will increase; GST will apply to imported digital products and services; and salary sacrificed meal entertainment and entertainment facility leasing expenses will be capped.

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