Federal Budget 2016 leaks
We will never quite understand the Conspiracies leading up to the annual Federal Budget.
Hypothetically confidential policies usually end up being comprehensively leaked well before Budget night, perhaps with the purpose of road-testing the likely public reaction or to give the announcement a longer run in the media.
Unlike other leaks of confidential government information, Budget leaks don’t seem to attract Federal Police investigations. Even the most celebrated Budget leak – involving the disclosure of the entire 1980 Budget Speech to veteran reporter Laurie Oakes – has never been tracked down to the source and probably never will be. There is speculations there was much finger pointing at the time between the then Secretary to the Treasury, the Treasurer and the Prime Minister.
To the majority of the accounting profession, Budget leaks seem a bit of a game really.
As an Accountant, we know from bitter experience that some Budget night announcements actually take effect from 7.30pm, when the Treasurer rises to make his speech to Parliament. The morning after phone call from a client adversely affected by the outcomes, “Why didn’t you tell me this was coming?” As if we are somehow aware of all that goes on in Canberra.
Nevertheless, in the spirit of the Budget season, here is a summary of tax-related measures which are expected to be announced, sourced from statements from the Prime Minister, Treasurer, other Ministers and, most importantly it seems, media reports.
- a 1.5% cut in the company tax rate for ‘small’ companies from 1 July 2015, with the $64 question being how to help unincorporated small businesses
- the return of some small business concessions scrapped by the Coalition when it repealed the Minerals Resource Rent Tax, such as:
- accelerated capital allowance arrangements for ‘small’ business
- loss carry back provisions for companies (capped by reference to the franking account)
- measures to encourage start-ups and risk-taking
- no UK-style Diverted Profits Tax to counter tax planning by multi-national companies, but beefed-up tax integrity measures
- GST measures to tax imported digital services and target the cash economy
- a bank deposits levy to endow a Financial Stability Fund to protect against a potential bank failure
There will also be a families package focusing on childcare, but the Minister for Social Services Scott Morrison is forecast to announce these details before the Budget.
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