Budget 2015: overview

Outlines the Federal Government\u27s aims for the 2015 Budget. Introduction We are building on our strong foundations with a responsible Budget focused on small business, better child care and measures that improve fairness. Growing jobs and small business - $5.5 billion including $5 billion of tax relief Supporting small businesses, with annual turnover under $2 million, by cutting small companies’ tax rate by 1.5 per cent and giving a 5 per cent tax discount to small unincorporated businesses. Encouraging investment by allowing small businesses to immediately deduct each asset costing under $20,000 that is purchased between Budget night and 30 June 2017. Reducing red tape and unnecessary regulation for small businesses, and supporting start-ups and entrepreneurship. Providing targeted support for young people who have disengaged from work and study and are at risk of long‑term welfare dependency. Supporting Australian families – a $4.4 billion funding boost Delivering a $3.5 billion reform package to make child care simpler, more affordable, accessible and flexible, to support workforce participation. Investing $843 million in preschool programmes, to ensure children have a strong start and a bright future. Introducing a Child Care Safety Net to provide targeted assistance for genuinely disadvantaged or vulnerable families. A two year trial of support for eligible families using nannies. Ensuring fairness of tax and benefits Ensuring greater fairness in Australia’s tax system by implementing the Multinational Anti Avoidance Law to stop companies artificially avoiding tax, and actioning key recommendations of the G20/OECD Base Erosion and Profit Shifting Action Plan. Improving the fairness of the tax system by fighting financial crime, extending the ATO’s GST compliance programme and capping excessive use of salary sacrificed ‘meal entertainment’ benefits. Strengthening the foreign investment framework to ensure investors play by the rules and that foreign investment is always in our national interest. Improving the fairness of benefits by removing double-dipping from Parental Leave Pay for parents who can already access more generous parental leave entitlements from their employer and requiring people who move overseas to continue to repay their Higher Education Loan Programme debt. Protecting Australia Investing $1.2 billion in new funding for national security, building on the $1 billion of funding announced last year. Extending and expanding Australia’s military operations in Afghanistan, Iraq and the Middle East. Progressing budget repair in a responsible, measured and fair way The Government has a credible path to surplus, despite a $52 billion write-down in tax receipts and the iron ore price almost halving since the 2014 Budget. The deficit is reducing in each and every year and payments as a share of the economy are reducing