BUDGET 2015/16: The ‘Have A Go’ Budget

StuartGeneral, Tax

As the Treasurer foreshadowed, this is a highly targeted budget with most spending measures targeting productivity gains.

Highlights included:

  • Tax rate for small businesses (under $2m turnover) cut to 28.5%. Franking credits still deemed to be 30%!
  • 5% discount (paid as a tax offset capped at $1,000 per person) for individuals who receive business income as sole trader/partnership/trust.
  • $20k asset write off for small businesses. From now until 30 June 2017
  • Write off of up-front business formation costs
  • CGT roll-over relief for restructuring of small businesses. Note that the State government still hasn’t abolished stamp duty on these transactions though
  • Multiple work related electronic devices provided FBT free if they are predominantly used for work purposes

CLICK HERE TO DOWNLOAD A BREAKDOWN OF THE ISSUES THAT MAY AFFECT YOU

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