Good evening everyone! Alex here, settling in for the #Budget2016 release at 7.30pm tonight. Stay tuned for live updates on our Facebook page throughout the night. Who will be the winners? Who missed out? All will be revealed in just under an hour…
7.20 pm – #Budget2016 Treasurer Scott Morrison announces decrease in corporate tax rate from 30% to 27.5% from 1 July 2016 for businesses with turnover up to $10 million.
7.32 pm – #Budget2016 From 1 July 2016, the middle income threshold will increase from $80,000 to $87,000. This would save an individual $945 in income tax 🙂
7.52 pm – #Budget2016 Good news – no changes or limiting to negative gearing of investment properties in this budget. Also, no changes to Capital Gains Tax discounts at this stage!
7.59 pm – #Budget2016 Wow – big changes in the Super space!
From 1 July 2017, the excess contributions cap will reduce from $300k to $250k, with a 30% tax rate imposed on those super contributions made for an individual earning over $250k.
The concessional contributions cap will also be decreasing from $30k to $25k.
There will also be a Lifetime Non-Concessional contributions cap of $500k.
8.02 pm – #Budget2016 Looks like the government has its eyes set on combating tax avoidance and profit shifting, particularly in relation to multinational corporations, with more resources being given to the ATO to crack down on tax avoiders.
8.06 pm – #Budget2016 Treasurer Scott Morrison is aiming for a decrease in the budget deficit from $39.9bn in 2015/16 to $37.1bn in 2016/17. The government aims for this to reduce to a $6bn deficit in the next four years. Can they do it??
8.10 pm – #Budget2016 Instant asset write off up to $20k available for businesses with up to $2m is increasing to a turnover cap of $10m – great news for many businesses!