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- 2015
- Transitioning support for auto supply chain companies
- Innovation in Australia
- New FBT entertainment cap introduced
- New reporting obligations for multinational companies
- Unlocking super
- The truth behind business failure
- 2015 Distinguished Family Business of the Year
- Melbourne plan refresh: The 2050 metropolitan planning strategy
- Tax alert: GST & remote housing accommodation
- The Federal Government's Tax discussion paper released today
- New fees hurt developers’ bottom line
- Payroll Tax Rebate – Action before 23 November 2015
- New South Wales State Budget 2015-16
- Western Australian Real estate & construction update
- Victoria Real estate & construction update
- South Australia Real estate & construction update
- Queensland Real estate & construction update
- New South Wales Real estate & construction update
- State revenue offices and the ATO information sharing
- Redundant corporate entities?
- Streamlined process for new business applications
- Imported building materials under scrutiny
- Tightened lending rules threaten industry growth
- Any GST hike must be offset
- New PM appoints Minister for Cities
- Reforming Australia’s Federation and Tax System
- A message from our Global Head of Real Estate & Construction
- Adelaide CBD property outlook – Key considerations
- The deadline is looming for the Exploration Development Incentive
- Valuing Employee Share Schemes (ESS) – Impending Tax Changes
- Queensland State Budget 2015-16
- New restrictions on entertainment salary packaging
- NADA conference day three
- NADA conference day two
- Do you have the keys to NADA 2015? Day 1
- South Australian State Budget 2015-16
- 27 Pay Periods in 2015/16
- Corporate simplification and solvent liquidations
- Fringe Benefits – Hidden FBT and deemed dividend issues
- NSW Payroll Tax Rebate
- SuperStream compliance
- Should I maintain my SMSF?
- Art and collectables as alternative investments
- Tax alert: GST ruling published
- Western Australian State Budget 2015-16
- New funding opportunities for Australian food & beverage companies
- Super fund investment choice – What are the options?
- Nominating beneficiaries for your superannuation benefits
- Superannuation consolidation
- Victorian State Budget 2015/16
- Encouraging innovation in Australia’s Life Sciences and Biotechnology industries
- Fraud in focus: Fraud and corruption in Banking and Financial Services
- Tax alert: Refunds of excess GST
- New Employee Share Scheme Bill Introduced
- SuperStream employer webinars
- Staying vigilant against fraud
- Tax Alert: Are you meeting your employment tax obligations?
- Tax alert: No change to R&D tax offset rates
- Act now to be ready for FATCA
- Tax alert: Changes to Employee Share Scheme Tax Laws
Western Australia’s economic outlook is anything but positive with the State set to record its first budget deficit in 15 years.
The Treasurer has commented that it is the slowest period of domestic demand growth since he began watching the economy in 1982.
To assist in securing the State’s economic future, the budget brings an acceleration and extension of the government asset sales and privatisation program previously announced. It also deliberately resists cutting infrastructure projects to support the WA job market.
The headline items from the Budget are:
- a net operating deficit of $1.3 billion this financial year, growing to $2.7 billion in 2015-16, before returning to surplus in 2017-18
- a public sector net debt increase from $25.5 billion at 30 June 2015, to a peak of $36.3 billion at 30 June 2018, to fund the deficit
- a decrease in the State’s share of the GST revenue to a new historic low of 30% in 2015-16 (down from 37.6% in 2014-15)
- a reduction in 2015-16 iron ore revenue to $3 billion (down from $5.5 billion in 2013-14)
- moderate overall economic growth of 2%
Major announcements
Major announcements from the Budget included:
- an Asset Investment Program totalling $6.3 billion to transform Perth (including the Children’s Hospital, Perth Stadium, Elizabeth Quay and City Link) and create 93,000 construction jobs, as well as additional jobs for offsite suppliers and services
- the sale of the Fremantle Port Authority assets and operations via a long term lease
- the sale of the TAB
- $1.2 billion over four years to build new high schools and primary schools
- an investment of $713 million to maintain high quality and reliable water and wastewater services
- an additional $417 million over the next four years on health
- $300 million to assist the agricultural sector capitalise on the growing global demand for food and agricultural products
- a $294 million increase in education spending (up 6.5% from 2013-14)
- commitment of $140 million to address safety and reliability issues in the Western Power network in 2015-16
- $137 million for the Gateway WA project in 2015-16
- $104.4 million on 21 new rail cars and 105 Transperth buses in 2015-16
Social responsibility
Social responsibility measures included:
- $1.4 billion for WA Police, including 120 new Police Officers and 51 new Auxiliary Officers
- $560 million to deliver 1,000 additional social housing dwellings
- an increase in compulsory third party insurance premiums by a maximum of $99 to fund a scheme which will provide lifetime care to Western Australians 'catastrophically' injured in a no-fault motor vehicle accident (applicable to policies renewed after 1 July 2016)
- $172 million over the next four years to strengthen child protection and family support services
- $25.9 million over the next four years for the implementation of a new suicide prevention strategy
State taxes
State taxes measures included:
- the payroll tax exemption threshold will increase from $800,000 to $850,000 (from 1 July 2016)
- a flat $300 land tax will be introduced for property values between $300,000 and $420,000 (from 1 July 2015)
- land tax rates, except for the top rate of 2.67%, will be increased (from 1 July 2015)
- the $3,000 first home owner grant for established homes will be removed (from 1 July 2015)
Tony Windle, National Head of Indirect Tax, E tony.windle@au.gt.com T +61 7 3222 0381