IN CASE you missed it, the 2012 Federal Budget was released this time last week.
Hopefully by now you have got over the sad news that a pot of beer will now cost you 20c more, and that the unemployed can no longer go on overseas holidays for more than six weeks while collecting benefits.
The more serious news in this year's Federal Government budget, as far as small business goes, is the 1% company tax cuts…what company tax cuts?!
Amid all the political finger-pointing, it is the small businesses of Australia who are playing a substantial role in driving the economic miracle, and these small businesses miss out.
Of course, if your business is not a company, this won't have much impact, and you (along with many other Australian taxpayers) will be able to benefit from the tripling of the tax-free threshold from $6000 to $18,200.
This means an extra $2,053 for someone with a taxable income of $50,000.
Also in small business budget news, small business's ability to shift losses back to earlier, more profitable years may be a help for some struggling businesses.
I wonder if this is really just a band-aid - it's nice to blame tax for underperforming businesses, but what happens once the tax benefits of losses have been used up?
The 'honey pot' item, otherwise known as the Schoolkids Bonus, is probably a good idea.
The Education Tax Refund was way too complicated, and if you were serious about substantiating your claim, it was a pain in the proverbial to keep the necessary documentation.
My concern is that the Schoolkids Bonus is as misdirected as the Baby Bonus - surely by now every family has enough flat screen TV's!
I wonder what this bonus will be spent on…
Possibly the most publicised feature of this year's Budget was…cue drum roll…the surplus!
This dreaded surplus has been a political football for so long (and continues to be!); it is no surprise that the final result is a battered and bruised apology for a surplus.
In light of the previous year's result (a $44 billion dollar blowout!), this can't be taken seriously.
Whether or not a budget surplus occurs, we need to remember that this is just a budget.
We'll have the opportunity this time next year to come up with a brand-new set of numbers for political and economic commentators to discuss ad nauseum…and our lives will go on, largely unaffected.
Do you think the Budget is far too over-publicised?
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