The Coalition Government’s second Federal Budget proposed some important changes, particularly for families, retirees and small business owners.
2015 Federal Budget Summary
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
Note: The measures outlined in this Federal Budget Summary are proposals only and may or may not be made law.
Read and view Godfrey Pembroke’s analysis below and find out what the 2014 Federal Budget means for you:
View below the 2015 Federal Budget Analysis video with Peter Hogan (Senior Technical Manager, MLC)
If you’d like to discuss anything in this year’s Federal Budget please contact us here.
Download the Federal Govt 2015 Budget Overview Documents using the links below.
Budget Overview – An overview of key budget aggregates and the Government’s Budget priorities
Families Package – Supporting Australian families by making child care simpler, more affordable, accessible and flexible.
Protecting Australia – Keeping Australia and Australians safe with greater investment in national security and our defence forces.
Growing Jobs and Small Business – A $5.5 billion package to help make Australia one of the best places to start and grow a small business.
Fairness in Tax and Benefits – Strengthening our systems to ensure that they are fair and sustainable.
In-depth – Strategy & Outlook
Download the Federal Govt 2015 Budget Strategy & Outlook (Budget Paper 1) from the link below: