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2015 Budget Highlights

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FEDERAL BUDGET SUMMARY – MAIN POINTS

 Company tax rate reduced to 28.5%
 Small business write-off on assets purchased up to $20,000 until June 2017
 5% discount on tax payable for small business
 Immediate deduction for professional services when starting a business
 Car deduction methods reduced from 4 to 2
 Personal tax rates – no change
 New child care subsidy
 Increase in ATO penalty amounts applied (no surprise)
 One single portal for business and company registration
 GST now applied to imported digital products and services
 Change to pension asset tests
 Amendments to parental income testing

 
 

A copy of our free Budget newsletter which has more in-depth information on the above is available upon request.

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Posted in: Jan-June 2015, Taximiser News

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