Budget 2015: Overview

Prime Minister Tony AbbottThe Hon. Tony Abbott MP Federal Member for Warringah Prime Minister from 18.9.13 to 15.9.15 has promised a “dull” and “much less exhilarating” budget this year but this is a ‘make or break‘ Budget not just for Treasurer Joe HockeyThe Hon. Joe Hockey, Federal Member for North Sydney Treasurer from 18.9.13 to 21.9.15, but for Tony AbbottThe Hon. Tony Abbott MP Federal Member for Warringah Prime Minister from 18.9.13 to 15.9.15’s leadership as well.

With the steady stream of budget leaks becoming a deluge in recent days, indicators suggest the Abbott government’s second budget won’t be quite so boring for the small business sector.

Our future growth will come from growing small business into big business. Joe HockeyThe Hon. Joe Hockey, Federal Member for North Sydney Treasurer from 18.9.13 to 21.9.15

At the heart of the 2015 Budget is the $5.5 billion Jobs and Small Business and $4.4 billion Supporting Australian Families packages and $1.2 billion in new national security funding.

Central to the Jobs and Small Business package is $5 billion in tax cuts for small businesses with annual turnover below $2 million. 96 per cent of Australian businesses will be eligible for a tax cut. Incorporated small businesses will have their company tax rate cut to 28.5 per cent. Unincorporated small businesses will benefit from a 5 per cent tax discount, up to $1,000 per year.

The Jobs and Small Business package also provides over $330 million in targeted spending on new jobs initiatives aimed at employers and young job seekers to support the transition to work. Incentives for employers will also help mature age job seekers back into work.

Budget Overview

Small Business tax cut
Accelerated depreciation
Business registration changes
Professional advice write-offs
Crowdsourced equity
Employee share schemes
Capital gains exemption for business that change legal structures
Abolition of FBT on electronic devices
'Netflix' tax
Multinational tax disclosure

2015-16 Budget Papers

Growing Jobs and Small Business
Fairness in Tax and Benefits
Budget Papers

 

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