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2015 Federal Budget summary

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.

*Source: MLC

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