Nothing really surprising in last weeks budget. Check out the budget papers here
All the big things had previously been leaked to the media by the government.
Changes to family tax benefits have had heaps of coverage and it now seems the government (or maybe just the media) believes any family earning a combined income of $150k is rich. Although when you get down to the detail lots of “middle class” welfare as it’s called these days cuts out well before $150k
The mining tax wasnt included in the budget – not yet finalised. The NBN also wasnt included as its a off balance sheet investment (handy)
We will get FBT changes to motor vehcile statutory rates, to over time flat line the rate at 20%. Shoudlnt cause too much drama unless you drive the company car heaps. All this change will mean is that SMEs will be required to keep logbooks for company cars and there will be more taxation compliance hence redtape. Although if you only drive the company car a little bit you will actually better off as the rate will increase to 20%
The budget also included $5k deduction for Small Businesses that buy new cars. This wil help those businesses that need the ute or van according to the government. Although this might just help to put more cars on the road. not sure if the greens will be too happy with this.
There are obviously lots of other things in the budget but at this stage I havent had enough time to review all changes in detail to make comments. Off to a TIA session tomorrow regarding changes from budget. Will post update on budget after digesting this session