As the Treasurer foreshadowed, this is a budget of targets – a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions.
- Company tax rate reduced to 25% over 10 years
- Increase in tax discount for unincorporated small business to 16% over 10 years
- Small business entity threshold increase to $10m from 1 July 2016
- $1k GST exemption on imported goods abolished from 1 July 2017
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