Budget 2017: Good on infrastructure but relies on taxing

10th May 2017 | News

The Commonwealth Treasurer, Scott Morrison, delivered his second Budget in Canberra on Tuesday, 9 May 2017.

The Budget is the Government’s annual financial statement and review of levels of taxation. It also includes the Government’s future financial strategy and economic forecast, as well as the social and political priorities and how the Government intends to achieve these.

In this announcement, the Budget was one of infrastructure, housing incentives, tax hits and bank levies. The Government has declared its backing for small business and investing in future growth with funding for major infrastructure projects.

In addition, taxes on foreign workers were a sting for business. Some economic experts say it’s practicable, others argue it relied on tax increase again.

Overall, small business has fared reasonably well, while the banks have not.

The key points announced in this Budget that will affect small businesses were:

Other important measures from the Budget were:

In summary, the Budget aims to maintain Australia’s AAA credit rating, but leaves business a bit empty.

Should any of this affect you and your business, contact one of our TaxAssist Accountants today.