|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.