The key initiatives in this year’s Federal Budget are:
- Many lower income young families will benefit from greater childcare subsidies
- Families choosing not to vaccinate their children will miss out on childcare subsidies and family benefits
- Pension assets test changes will benefit lower net worth retirees, however, higher net worth retirees may receive reduced entitlements
- It will no longer be possible to claim both the full Government and employer provided parental leave payments
- The company tax rate for eligible small businesses will be reduced by 1.5%
- Unincorporated small businesses will receive a 5% tax discount
- Small businesses will be able to fully deduct capital expenses of up to $20,000 per annum
- Farmers’ capital expenditure on fencing and water facilities will be fully deductible
View the 2015 Federal Budget with Peter Hogan(Senior Technical Manager, MLC)