With the Federal Budget 2016-17 announced, small businesses and middle income earners get the handouts, with promises to promote jobs and growth, control spending and make savings.
We have summarised some of the key areas that could affect you as an individual, a contractor and a business.
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Author: Raj Sesha, Director SDP Solutions and Tax Agent
With the Federal Budget 2014 announced, there was no doubt that we would all be affected in one way or another. We all guessed right in what we were expecting… big cuts and changes. Here we have focused the changes in the Budget that will affect businesses and independent contractors such as, tax, super and Medicare. The Key question that business will be asking, in my opinion is, what will be the impact on job growth and consumer sentiments as a result of this budget.
Company tax cut is number one on business wish list for this year’s budget
Budget priorities for Businesses include reduce company tax, increased investment in infrastructure and bringing the budget back to balance within 5 years, by 2019.
An Australian Industry Group survey of 364 businesses finds 70% rank reduced company tax as one of their top priorities.
This was closely followed by increasing spending on infrastructure (68%), while 57% said bringing the balancing the budget over the next five years was a priority.
These preferences were followed by 39% who want increased spending on training and apprentices and 39% who want to raise tax incentives for industry research and development, while 28% want to bring the budget into balance within two years.
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