Budget Issues for Business Taxpayers

Last Tuesday’s Budget Speech saw significant changes to Business Taxation.

In particular Business Taxpayers should be aware of the following:

• All entities with a turnover of more than $20 million must now pay PAYG instalments monthly;
• Drastic changes to the thin capitalisation rules;
• Substantial changes to deductions and write offs in the resources sector;
• Technical changes to the Consolidations Regime;

Some, but not all, of these changes were anticipated prior to the Budget Speech.  If you are concerned with how these changes may impact on your business contact us.