Federal Budget 2016

Another Federal Budget has come and gone. While we are still waiting the politics to sort itself out, the attached summary will provide you with a good refresher of what was announced.

For small business there are some tax incentives to invest, together with a modest income tax cut for future years. My standard word of warning however, is that small business shouldn't decide to invest on tax benefits alone!

For working families on lower incomes there will be more child care support to supposedly assist with the transition back into the workforce and pensioners seem to be happy with the aged pension adjustments.

While we await the government's taxation white paper for more detailed tax reform, this budget seems to have won the support of the people. For further reading you may also access the government's own specialist 'Budget website'.

Happy reading, and should you have any questions please give us a call.

Federal Budget Tax Bulletin 2016

The government's jobs and growth budget for 2016-17 is its attempt to set a direction for the Australian economy at this transition point. It builds on the small business incentives from last year to include medium sized businesses with turnover up to $10 million. Big companies will have to wait for tax relief, although there is a path to phase in reductions in the corporate tax rate to a joint rate of 25%. Multinationals will be subject to a stringent diverted profits tax. Changes to super have been made for both high income and low income earners.

Federal Budget 2016 Summary
Click here to read more.
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