In a media release on 6 May 2015, The Federal Treasurer gave a sneak preview to the 2015/16 Federal Budget by announcing some great news for small businesses:
• The ability to write off start-up costs immediately (not over 5 years)
• The ability to restructure without tax consequences
• Easier access to crowd-sourced equity funding of capital
Mr Hockey earlier reassured retirees that there would be no increase in the tax on superannuation funds in the upcoming budget saying “I want to reassure self-funded retirees that in the upcoming Budget there will be no tax increase on their superannuation. This is in stark contrast to the Labor Party which wants to impose new taxes on already pressured retirees”.
The Federal Budget will be released on Tuesday 12 May. Hanrick Curran will provide its views in our Budget brief scheduled to be released on the following day. Subscribe to receive your copy of the Federal Budget Tax and Superannuation brief. We are hosting a Pre FYE and Post Federal Budget Update breakfast on 20 May, click here to register your attendance.
Access the full media releases here: