Thursday, 14 May 2015

Budget 2015: Delivering Jobs, Growth and Opportunity for the Yarra Valley

The 2015 Federal Budget delivers for local families and small businesses, said Tony Smith, Federal Member for Casey.

“It invests an additional $3.5 billion over five years on child care assistance that will make child care simpler, more affordable and more accessible.

“The new $5.5 billion Growing Jobs and Small Business package will help local small businesses in the outer-east and Yarra Valley to invest more, grow their enterprises, and employ more locals.

“All small businesses with an annual turnover of less than $2 million will share in the $3.25 billion in tax cuts and $1.75 billion in accelerated depreciation measures.

“From Budget night until 30 June 2017, small businesses with turnover below $2 million can claim an immediate tax deduction for every asset they acquire that is valued up to $20,000 for tax purposes - a substantial increase from the previous $1,000 threshold.

“From 1 July 2015, the Government will cut the company tax rate for up to 780,000 incorporated businesses with annual turnover up to $2 million by 1.5 percentage points to 28.5 per cent; and

“From 1 July 2015, the Government will also provide a 5 per cent tax discount for over one and a half million sole traders, trusts and partnership structures which are unincorporated businesses with annual turnover up to $2 million, capped at $1,000, through their end of year tax return.

Further highlights of the Budget include:

A doubling of Roads to Recovery funding from $350 million to $700 million in the 2015-16 financial year, that will see more roads sealed and upgraded in our community; Reforms that make our taxation, foreign investment, welfare and individual benefits systems fair and sustainable; $1.2 billion in new funding for national security, which builds on the $1 billion announced last year Continuation of the Government’s $50 billion infrastructure programme.

“The Budget also provides the funds to fulfil the local pledges I made during the last election to build a stronger local economy, and a stronger and safer local community,” Mr Smith said.

More details on the Budget are available at www.budget.gov.au

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13 May 2015

Media contact: Andrew Hallam, 0404 043 764

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