JBS Budget Update

Joe Hockey’s 2nd Federal Budget proposed some important changes, particular for families, retirees, and small business owners and looks to be aimed squarely at growing the economy.   There are always winners and losers and this year is no different.

Please view the video to watch a brief summary of the Budget proposals.

Budget Summary

The following provides a summary of the main proposals announced in the 2015 Budget:

–   The government has expressed their confidence in the importance of the superannuation system and announced there will be no changes
–   Pension assets test changes will benefit lower net worth retirees, however, higher net worth retirees may receive reduced entitlements
–   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
–   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 to a maximum of $1,000
–   Small businesses will be able to fully deduct capital expenses of up to $20,000 per year

Please Note: The measures outlined in the Federal Budget are proposals only and may or may not be made law.

Click here to read the full breakdown

If you have any questions about these changes and what this could mean for you, please contact the JBS Team to discuss.