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The 2016-17 Australian Commonwealth Budget has landed and as is the case in all years, some have benefited more than others.
" Small-to-medium business owners are big winners, with an extension of existing tax concessions to SMEs with a turnover of less than $A10 million."
Felicity Emmett, Head of Australian Economics, ANZSmall-to-medium business owners are big winners, with an extension of existing tax concessions to SMEs with a turnover of up to $A10 million. These groups will now pay a company tax rate of 27.5 per cent from 2016-17, progressively dropping to 25 per cent by 2023-24.
On the flipside, a new diverted profits tax and task force will target multinational tax avoidance in a move that, alongside existing anti-avoidance laws, is expected to raise $A3.7 billion.
Smokers are again also in the crosshairs, with an increase in the tobacco excise and customs duties, on top of already existing indexation.
Check out the infographic below to learn more.
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Felicity Emmett is Head of Australian Economics at ANZ
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
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EDITOR'S PICKS
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The 2016-17 Australian Commonwealth Budget helps address some of Australia’s structural challenges, ANZ Chief Economist Richard Yetsenga says, including the taxation of superannuation and the global services trade.
2016-05-03 19:02 -
With constrained public finances, hovering ratings agencies, and an interest rate cut emphasising economic fragilities, this year’s Australian Commonwealth Budget was always going to be a difficult balancing act. For the most part, it is a reasonable document.
2016-05-04 13:55 -
Economic forecasts in the 2016-17 Australian Commonwealth Budget reflect the new normal for the Australian economy.
2016-05-04 18:29