Small Business, jobs and families were front and centre in this years budget.
1. From 1 July, small companies with annual turnover of less than $2M will have their tax rate lowered from 30% to 28.5%
2. Effective immediately until 30 June 2017, small businesses can claim an immediate tax deduction for each and every item purchased up to the value of $20000. The previous threshold was $1000.
3. There will be an annual 5% tax discount of up to $1000 a year for unincorporated businesses - these are small businesses which are not run as a separate legal entity.
4. Immediate deductibility for a number of professional expenses in starting a new business.
So if you need that new computer, motor vehicle or other office equipment, purchase it now before 30 June 2015 to receive the full deduction for it up to the $20000 limit.
Families and Retirees
1. $3.5bn to be spent over five years on child care assistance, including a new child care subsidy to be implemented from 1 July 2017 based on family income.
2. Changes to age pension eligibility based on the value of assets that you hold outside the family home.