There is nothing in this Budget that would create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. And, the commodity driven $54.4 billion improvement in tax receipts has largely been banked, not spent. With seven months … Read More
BUDGET 2015/16: The ‘Have A Go’ Budget
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 … Read More