Quick View of the 2015 Federal Budget

Filed in Articles, In the News by on May 17, 2015 0 Comments

Small businesses, jobs and families were front and centre in this year’s budget. Take a look at the key announcements and what the 2015 budget means for you. ID-100143635

Click here for a great summary from the Illawarra Mercury

Or if pictures are more your thing, check out this handy 2015 Budget infographic here.

Some points to note are…

SMALL BUSINESS

– 100% tax deduction for capital purchases up to $20,000
– Tax cut of 1.5% for small businesses
– Tax discount of 5% for small unincorporated businesses
– From 1 July 2015, the government will allow businesses to claim an immediate write-off for a range of professional expenses associated with starting a new business, such as professional, legal and accounting advice

These tax measures for small business are the single biggest spending items in the budget.

FARMERS

– Farmers will receive immediate tax deductions for capital expenditure on new water facilities and fencing such as dams, tanks, bores, irrigation channels, pumps, water towers and windmills.
– All capital expenditure on fodder storage assets such as silos and tanks used to store grain and other animal feed can be depreciated over 3 years

FAMILIES

– $3.5bn to be spent over five years on child care assistance
– Family Subsidy for child care
– Families earning $65,000 or less will receive a subsidy of 85% of their child care fees (up to an hourly cap)
– The subsidy gradually tapers to 50% for families earning less than $185,000
– Families earning $185,000 or more will have a $10,000 annual cap on the total amount of assistance provided per child per year
– To be eligible for the child care subsidy, children must attend an approved child care service and meet immunisation requirements
– The subsidy will be paid directly to child care providers
– ‘Nannies trial’ commencing 1 January, 2016 to provide a subsidy to eligible families on incomes below $250,000 a year designed to help shift workers such as nurses, police, fire-fighters and ambulance officers.

The link above will give you a really good summary of all items in the budget. If you want to know more, or how this affects you please don’t hesitate to contact us.

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