The federal budget delivers a string of unexpected cuts, concessions and changes, some of which will directly affect your business – and certainly your hip pocket. The biggest surprise in this budget is the $2.7 billion given to pensioners, largely funded through the change of superannuation rules for high income earners and cuts to the private health insurance rebate for high and medium income earners.
The Rudd Government has also come up with a range of initiatives to support the small and medium business community, highlighted by a boost to the small business tax break from 30% to 50%. There is also $3.5 billion for innovation measures (although a key $1.4 billion R&D tax credit scheme has been delayed until 2010-11), $22 billion for infrastructure and an extension of the enlarged first home buyer grant for another three months.
And guess what? The Do not Call register will cover business. READ MORE