2015 Budget — Red tape reduction
The 2015 Australian Government budget continues the Australian Government's commitment to cut red tape faced by businesses and unnecessary regulation.
As of March 2015, the Government has announced reforms to generate more than $2.45 billion in annual red tape savings for Australians.
These reforms include changes to the entry thresholds for Pay-As-You-Go instalments, benefiting 447,000 small businesses.
To build on the Government's reforms to date, the Jobs and Small Business package provides key additional red tape cuts so that small businesses will have more time to focus on growing and developing new ideas.
The Government will reduce red tape within the Fringe Benefits Tax (FBT) system by expanding the FBT exemption for work-related portable electronic devices. This will help small business employees stay connected in the digital economy.
Small businesses will also benefit from Capital Gains Tax rollover relief when changing their legal structures but keeping the same owners. That means that new businesses that discover they are using a legal structure that does not suit their needs are not stuck with that structure forever. This reduces risk and complexity and makes it easier for businesses to grow.
The Government will release a consultation paper on potential changes to the Corporations Act to reduce any unnecessarily burdensome or restrictive regulatory requirements for small businesses. This will make it easier for new and existing small business to operate as a company.
Over the coming weeks, ADIA is to meet with Ministers and senior departmental staff in order to better understand how individual policy initiatives will impact upon the interests of the dental industry.
This update was issued on 13 May 2015 and please note that changes in circumstances after the publication of material or information may impact upon its accuracy and also change tax compliance obligations. It is recommended that expert advice be sought before taking action based upon the information presented here.
Member Engagement —
ADIA provides leadership, strategy, advocacy and support. Our members set our agenda, fund our activities and directly benefit from the results. With respect to the Association's work to ensure that the initiatives within the 2015 Australian Government budget support the dental industry, the team in the ADIA national office receive advice and guidance from members serving on the ADIA-BAC Business Affairs Committee.
Further Information —
To keep up to date with how ADIA is working to ensure that the Australian Government budget supports the dental industry, subscribe to the Twitter feed @AusDental or follow us on Facebook at www.facebook.com/dental.industry. Alternatively, you can contact the Association via email at email@example.com or by telephone on 1300 943 094.
This information 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.
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