The 2016 Budget announces a schedule of company tax cuts that will eventually bring the corporate tax rate down to 25 percent.
This year’s Budget makes compliance easier for business owners. The government is changing a heap of rules when it comes to complying with regulation.
The main thrust of the 2016 Budget is simple; enhance job growth with tax cuts and incentives, and improvements to the superannuation system.
Startups have been given a lot of love in the 2016 budget, with a number of benefits for angel investors and early-stage businesses.
The Government has cracked down on superannuation in this year’s budget to reduce the use of the superannuation system as an investment vehicle.
The Federal Budget saw the Canberra coffers open for those earning more than $80,000. Businesses with employees now need to update their tax tables.
To use the $20,000 asset write-off, the threshold of a “small business” has been extended to include businesses with a turnover up to $10 million.
The small business community may have a long wish list ahead of this year’s federal budget, but it may have to wait to get all it wants.
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