Federal Budget 2015

This budget seems to be about spending rather than saving, though certain demographics are set to benefit more than others.

Small businesses have gained, with tax discounts and the introduction of an immediate tax deduction of all assets under $20,000.  Education budgets have not been raised after they were cut last year, and while some areas of health (such as optometry and radiation for breast cancer) are now eligible for Medicare rebates, it comes at the expense of other areas (such as dental workforce programs). Stay at home parents are no longer eligible for childcare rebates or maternity leave from both their companies and the government scheme.

While all of the usual features are being covered, this budget also has a big focus on the internet and the legislative landmine it holds. 

National Security received a boost, with $131 million going to help telecommunication companies store their metadata for two years. A further $22 million is being dedicated to social media monitoring in an attempt to counter the online efforts of extremist groups like IS.

As we talked about last week, the federal budget is now clamping down on multinational companies who have been avoiding paying tax in Australia by profit-shifting. Penalties for any kind of tax evasions by these companies now include paying back double what they owe, plus interest.

Also from our article last week, the Netflix Tax comes into effect on July 17 2017. In its first two years this tax is expected to earn the government $350 million. 

For more information about the new budget check out this awesome breakdown by the ABC.

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