Date posted: Friday, May 15, 2015
It’s that time of year again: winter is setting in, the days get shorter – and there’s the Federal Budget.
This week Joe Hockey saturated all our screens as he laid down his second national budget as Treasurer, with what some are calling a more softly-softly approach after the more than chilly reception last year’s received.
In the Liberal Party’s constant battle to reduce the national deficit, the 2015 budget was geared towards boosting economic activity (and therefore tax revenue).
There were several key measures put in place that will work towards this goal, and you can get a good overview from the Australian Financial Review here.
If you’re a small business however, you’re in luck. Hockey’s centrepiece is a $5.5 billion “tax surprise” for you, including a 1.5% decrease in company tax to 28.5% starting July 1 this year. Find out all the details here.
If you have any questions or concerns about your own tax, personal or otherwise, don’t hesitate to get in touch with us at Pakenham Taxation and Accounting.
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