The Coalition Government’s second Federal Budget proposed some important changes, particularly for families, retirees and small business owners.
Note: The measures outlined in this Federal Budget Summary are proposals only and may or may not be made law.
MLC’s Senior Technical Manager, Peter Hogan, provides a breakdown of the Federal Budget, including an overview of the key measures and their likely impacts.
The key initiatives in this year’s Federal Budget are:
- Many lower income young families will benefit from greater child care subsidies
- Families choosing not to vaccinate their children will miss out on child care 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
Read MLC’s full Federal Budget Analysis and find out what the 2015 Federal Budget means for you.