Last year’s Budget is still in the news however there is talk already about this year’s Budget, which is due to be handed down on May 12. We know that this Budget will be, again, focused on shortening the distance to surplus. Although we do not know yet how this will affect Australian businesses, the items being talked about are;
- The Prime Minister has said that the Budget will slash the ‘tax bills’ for small business
- The proposed 1.5% corporate tax will be scratched
- Treasurer Joe Hockey will announce a ‘family package’ on Budget night that will focus on getting parents in work
- There may be a tax on bank deposits, which the banks aren’t keen on
- To follow up on the Senate inquiry, the Budget may increase measures on multi-nationals taxing. This may be similar to the UK ‘diverted profits tax’, which has been dubbed “Google tax”.
There is sure to be much more Budget talk before May the 12th, so keep your eyes peeled. Once the budget has been handed down and passed, we will be informing all our clients on the latest updates.
Please contact Rubiix Business Accountants to discuss how any tax changes will affect your business post budget announcements.
Submitted by: Hayley Go
Email Hayley