04 May 2016 Federal Budget – Impact on Small Business and Individuals
Last night, Federal Treasurer, Mr Scott Morrison, handed down the 2016 Budget. The Budget sets out the government’s economic plan to ensure Australia continues to successfully transition from the mining investment boom to a stronger, more diversified new economy. To do so, the Budget sets out to: (1) introduce a 10-year enterprise tax plan, (2) fixing problems in the tax system, and (3) ensuring that the government lives within its means.
Among the many changes; small to mid size businesses will receive a reduction in tax payable, tax incentives will be increased for investing in early stage innovation, and tax avoiders will be hit hard by a newly established tax avoidance taskforce. GST will also be simplified for small business owners. For employers, a new incentive scheme has been developed to encourage paid internships to reduce unemployment.
If you have questions about the impact of the 2016 federal budget on your business, speak to one of our business and financial advisors today.