The Coalition Government’s second Federal Budget proposed some important changes, particularly for families, retirees and small business owners.
An Extract from the Federal Budget Analysis prepared by GWM Adviser Services Limited appears below.
- 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
If you have any questions on the Budget and how it may affect you please contact please contact TOPS on 07 3871 1671.
Note: The measures outlined in this Federal Budget Summary are proposals only and may or may not be made law.