An economist is someone who didn't have enough personality to become an accountant.

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Money is like manure. If you spread it around it does a lot of good. But if you pile it up in one place it stinks like hell. - Jr Murchison

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Budget 2015

 

What can I say? I thought when I first watched Shaun Micallif’s Mad As Hell, characters such as Darius Horsham were completely original. Little did I know how close they actually were to the people they were imitating. Have a laugh or two with me and watch Mathius, oh sorry, Darius at work on the YouTube clip below.

 

 

 

The Liberal party has decided to get serious and make us forget the disastrous 2014 Budget.  Without mentioning any of the horrendous cuts that still exist from last year on health, education and overseas aid, they have added a range of sweeteners to this years Budget.

 

Small business

 

  • One great thing they have included in this years budget is the instant tax deductible expense of $20,000 for business related assets such as computers, tools, work vehicles and so on. The tax deductions are unlimited as long as they are under $20,000 each.
  • The Liberals have also included a reduction in the small business tax rate from 30% to 28.5%
  • They have also allowed a change in business structure (perhaps from sole trader to company) with attracting Capital gains tax (CGT).

 

 

Personal Tax

 

The only real change here is if you buy digital goods such as ebooks, games, movies or music, you will now have to pay GST on any overseas digital purchases. This will now make it equal with the tax rate if you had bought an equivalent digital good in Australia before the changes.

 

Age pension, unemployed.

 

This is where things get a little tough. I won’t go into all the details as you can find these elsewhere. Let’s just say that the government is making it harder for us to claim a full pension and if you are unemployed there is little to celebrate in the 2015 Budget. The governments excuse is that they can’t afford to pay us all the full pension, especially when there will be more of us getting older soon. Isn’t it pathetic – they have a government department called the Bureau of Statistics that should have been able to tell them decades ago that we had an ageing population approaching – but oh no! it’s the peoples fault. There are not enough jobs and you are getting too old too quickly. Give me a break! How about some long term planning by governments that takes into account these statistics!!

The 2015 Budget makes me happy that I have the called this blog the correct name. Yoursavings is what we should all aim for because “the age of entitlement is over”. Look after yourself please. Don’t rely on the government if you can help it and keep adding to YOURSAVINGS!

 

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