SME's To Benefit From Australian Government Budget
3rd May 16
The 2016 Australian Government budget contains a number of initiatives that have been welcomed by small businesses in the dental industry ranging from a small business tax cut to increasing the threshold for the size of businesses able to access accelerated depreciation for asset purchases.
Key Issues For The Dental Industry —
The peak business organisation representing suppliers of products and services to dental professionals, the Australian Dental Industry Association (ADIA), is pleased to present its annual overview of the Australian Government budget presented by the Treasurer, the Hon Scott Morrison MP (pictured) . This can be viewed online in full at:
The 2016 Australian Government budget has been framed in a contradictory set of circumstances that requires it to be a popular pre-election document which also has an eye to reducing the deficit over the long-term. The key issues for the dental industry are set out below:
2016 Budget — Economic outlook
Expectations for global growth have moderated since the 2015‑16 Mid‑Year Economic and Fiscal Outlook (MYEFO). The global economy is nevertheless forecast to grow by 3.75 per cent in 2016 and 3.5 per cent in 2017 but downside risks are increasing. [Read More]
2016 Budget — Government finances
The underlying cash balance is expected to improve over the forward estimates and into the medium term. The deficit is expected to fall from $37.1 billion (2.2 per cent of GDP) in 2016‑17 to $6.0 billion (0.3 per cent of GDP) in 2019‑20. [Read More]
2016 Budget — Business taxation measures
The Australian Government will reduce the company tax rate to 25 per cent over 10 years and new tax has been introduced that is aimed at multinational corporations that artificially divert profits from Australia. [Read More]
2016 Budget — Personal taxation and superannuation measures
The budget includes modest tax cuts to middle and upper income earners by working to off-set the adverse impact on wage earners of bracket-creep. There are significant changes to the tax treatment of high income earners superannuation arrangements. [Read More]
2016 Budget — GST taxation and overseas imports
Overseas suppliers that have an Australian turnover of $75,000 or more will be required to register for, collect and remit Goods and Services Tax (GST) for low value goods supplied to consumers in Australia, using a vendor registration model. The intent is to extend the GST to low value goods imported by consumers from 1 July 2017. [Read More]
2016 Budget — $20,000 depreciation allowance reform
Last year the Government made it easier for small businesses invest by introducing an immediate deductibility of assets that cost less than $20,000 and the eligibility criteria has been lifted from $2Mil to $10Mil. [Read More]
2016 Budget — Dental spending initiatives
The Government will reform public dental services by providing $1.7 billion over four years from 2016‑17 for a new Child and Adult Public Dental Scheme to be delivered by the states and territories under a National Partnership Agreement (NPA). [Read More]
2016 Budget — General healthcare spending initiatives
The budget continues to make a significant and ongoing commitment to the nation's healthcare system and these pages set out some selected initiatives that are of interest to the dental industry. [Read More]
2016 Budget — TGA Reforms
The 2016 Australian Government Budget will provide $20.4 million over four years from 2016‑17, including $9.5 million in capital funding, to improve the regulation of therapeutic goods in Australia in response to the Expert Panel Review of Medicines and Medical Devices Regulation. [Read More]
On budget night senior ADIA staff were in Parliament House to discuss the major outcomes with key Ministers and their advisors and the advice that they received shaped ADIA's budget briefing. In the days following the budget ADIA will participate in further briefings to ensure the completeness of advice given to ADIA member businesses.
A presentation will also be made to members attending the forthcoming series of ADIA State Branch Briefings.
Currency of Information —
This update was issued on 4 May 2016 and please note that changes in circumstances after the publication of material or information may impact upon its accuracy and also change regulatory compliance obligations.
The statements, regulatory and technical information contained herein are believed to be accurate and are provided for information purposes only. Readers are responsible for assessing its relevance and verifying the accuracy of the content. To the fullest extent permitted by law, ADIA will not be liable for any loss, damage, cost or expense incurred in relation to or arising as a result of relying on the information presented here.
This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the ADIA logo, other images and where otherwise stated.
3rd May 18
Proposals from the Australian Government to impose new cost imposts on suppliers of low-risk medical devices will eliminate the entire benefit of its tax cuts for many small businesses in Australia’s dental industry.
11th May 18
The body supporting innovation in the medicines and medical devices sector, MTP Connect, has appointed Dr Dan Grant as Chief Executive Officer. He brings extensive experience across the pharmaceutical, medical research and uni sectors