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Small and medium business: the big 2016-17 Federal Budget winners

Delivering his first Federal Budget on 3rd May 2016, Treasurer Scott Morrison said that tax breaks have been given to small businesses first as they are “more likely to reinvest their earning and more likely to be Australian owned.”

Australian Small Business Ombudsman Kate Carnell says “… this year’s Budget certainly provides a framework for SMEs to grow and prosper.”

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Tax relief for small business restructure

Yesterday, 29 February 2016, Parliament passed legislation that will allow small businesses to change their legal structure without attracting a capital gains tax (CGT) liability at that time.

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Federal Budget 2015 Wrap-Up

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.

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