FEDERAL BUDGET 2016-17: What does it mean for CQ Business and Industry?
Posted on May 6th, 2016
To view the full budget papers go to: http://www.budget.gov.au/
Businesses under $10 million turnover – taxable rate of 27.5% from 1st July 2016 (reduced to 25% by 2026).
Small company tax rate cut to 27.5 % from 1st July 2016.
The annual threshold for accessing small company tax rate increases from $2 Million to $10 Million turnover
Increase tax discount from 5% to 8% for unincorporated businesses with annual turnover less than $5 Million, capped at $1,000. (progressively increased to 16% by 2026).
Asset purchases of less than $20,000 – instant asset write off scheme continued for all businesses with turnover of less than $10 Million.
Simplified depreciation rules, option to account for GST on a cash basis and pay GST instalments.
WATER – ROOKWOOD & EDEN BANN WEIRS ON THE FITZROY RIVER:
- National Water Infrastructure Loan Facility
$2 Billion National Water Infrastructure Loan Facility will be available to provide the State government with concessional loans to co-fund the construction of water infrastructure projects (dams, weirs, pipelines and managed aquifer recharge projects). The loans will be made available through the Department of Agriculture and Water Resources which reports to the Deputy Prime Minister and Minister for Agriculture and Water Resources the Hon Barnaby Joyce MP.
- Northern Australia Infrastructure Facility (NAIF)
$5 Billion over 5 years in concessional finance to encourage and complement private sector investment in economic infrastructure that otherwise would not be built or would not be built for some time. The NAIF Headquarters will be based in Cairns and administered by a Board of Directors.
The Minister for Resources, Energy and Northern Australia, the Hon Josh Frydenberg MP is the Minister responsible for the implementation of the NAIF, supported by the Minister for Northern Australia, Senator the Hon Matthew Canavan. The Department of Industry, Innovation and Science is supporting both Ministers.
DEFENCE – SINGAPORE ARMED FORCES:
- Singapore Armed Forces (SAF) to double its current annual military presence (increase from 6,000 to 14,000 personnel) between Shoalwater Bay (Rockhampton/Capricorn Coast) and Townsville.
- Current Annual visit to be split over two per annum (February to May and August to November).
- Free trade deal between Singapore and Australia.
- Singapore Armed Forces (SAF) to spend up to $1 billion on new infrastructure at Shoalwater Bay Military Training Area (SWBMTA).
ROCKHAMPTON/CAPRICORN COAST ROADS:
$320 million on Bruce Hwy, includes additional overtaking lanes from St Lawrence to Sarina and fixing blackspots north of Sarina.
Local councils to fix streets and roads:
- Rockhampton Regional Council – $2.42 million
- Livingstone Shire Council – $1.42 million
- $3.48 million to councils to help to fix dangerous blackspots on streets
Four traffic blackspots:
- Livingstone Shire Council – $908,000 in funding to fix the intersection of Rockhampton-Yeppoon Rd and Hidden Valley Rd which will close Hidden Valley Rd leg of the intersection
- Rockhampton Regional Council, $948,800 to fix
- Denison St and Derby St intersection ($454,000)
- Denison St and Denham St intersection ($248,200)
- Denison St and William St intersection ($248,200)
$100 Million exploration program “Exploring for the Future” – Geoscience Australia.
INLAND RAIL PROJECT:
$594 million to continue pre-construction activities, most of which will involve land acquisition.
$7 million over four years for Rural Financial Counsellors Service.
GREAT BARRIER REEF:
$171 Million – 2050 Long Term Sustainability Plan.
Click Here to see the tourism summary collated by our ‘voice of tourism’, the Queensland Tourism Industry Council
PERSONAL TAX & SUPERANNUATION – HOW THE BUDGET AFFECTS ME?
Click Here to view a comprehensive summary prepared by the National Tax and Accountants Association.
WHAT ARE THE “BIG 4” BANKS SAYING?
CEO, Capricorn Enterprise