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The Lowe Lippmann Budget Update is a complimentary summary of the 2015-2016 Commonwealth Budget delivery on the evening of Tuesday 12th May 2015 by the Australian Federal Treasurer Joe Hockey.

From a tax point of view, the focus of this year's budget was small business.

There were no changes to personal tax rates and only small companies will benefit from the 1.5% tax rate cut forecast in last year's budget to commence from 1 July 2015.

 Superannuation remains unaffected, but there are significant changes to tighten the assets test for pensions.

 Here is a quick summary of the small business tax highlights:

 ·         From 1 July 2015, the tax rate for small companies will be reduced to 28.5%.

·         A 5% tax discount will apply to small unincorporated businesses.

·         Professional expenses incurred in starting up a new business will be immediately deductible.

·         An accelerated  depreciation write off of assets costing less than $20,000.

Please click here to read the full summary.

 

Lowe Lippmann Chartered Accountants & Business Advisors

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