2015/16 Federal Budget – Tax changes to businesses and families

The Federal Treasurer, Joe Hockey has now handed down the 2015/16 Australian Federal Budget, and from a tax perspective, businesses- large and small- will see some benefit. Additionally, individuals and families will experience an increased measure of support and benefits, assisting with everyday living.

The underlying objective of this budget was to raise the country from deficit and bring it into prosperity. The National Tax & Accountants’ Association Ltd (NTAA) has compiled a detailed explanation of each tax change. Please click on the title for more information on each subject.

Expanding accelerated depreciation for small business – immediate write-off and small business pool

Tax cuts for small business – 1.5% tax cut for small companies and 5% discount on income tax payable for unincorporated small business activity

Immediate deduction for professional expenses on commencing a new business

Accelerated depreciation for primary producers

Change to the asset test thresholds for the aged pension