Discover all you need to know about the Federal Budget 2015/2016 in our Fast Facts!
Things you need to know about the 2015/2016 Federal Budget:
- Small business company tax rate cut to 28.5 % from 1 July 2015
- Unincorporated businesses receive 5% tax discount up to $1000 from 1 July 2015
- Immediate write-off of assets up to $20,000 for small business from 7.30pm, 12 May 2015
- 100% tax deduction for professional costs in establishment costs of a new business
- CGT relief for small business restructures
- New multinational anti-avoidance law to be introduced
- GST extended to offshore supplies or "digital downloads"
- Primary producers immediate deductions for capital expenditure on fencing and water facilities from 1 July 2016
- Work-related car expenses modernised and now limited to cents per KM and log book methods
- Fringe Benefits Tax exemption for portable electronic devices used primarily for work purposes will be expanded from 1 April 2016
- A single grossed-up cap of $5,000 will be introduced for salary sacrificed meal entertainment and entertainment facility leasing expenses (meal entertainment benefits) for employees of not-for-profits
- Changes to the asset test thresholds for the aged pension
We have outlined the issues that we feel will be of greater interest to you, for more detailed information on these items download our Budget 2015-2016 fact sheet here.
If you have any queries regarding these or any other item, please contact your advisor from HTA.