THE Rudd Government’s response to the pre-Budget recommendations put forward by Dr Ken Henry and his panel of finance big guns generated controversy on three key issues - company tax, superannuation and a resources super profit tax. The talk has been on big corporations, foreign investment and the miners, but a question looms over the outcomes for ground level SME, the engine room of our economy.
With eligible businesses enjoying a reduction in company tax and a $5000 depreciation allowance, the immediate impacts of the Henry tax review seems generally positive for Gold Coast SME’s.
Previously announced reductions to personal income tax thresholds continue to apply while from July 2011, tax payers will receive a 50 per cent reduction on the first $1000 of ‘interest’ income earned.
To read GCBN's full tax reform analysis, featuring commentary from the Coast's top financial planners, purchase your copy of Gold Coast Business News June edition - available now in more than 450 Gold Coast newsagencies.
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