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Analysis

Federal Budget 2015-16

From patience to prosperity?

Australia's Federal Budget 2015-16 is here. Download the report, watch the video overview and explore additional insights. Connect with us on Twitter (@FederalBudget) for the latest updates and analysis.

CCH-Deloitte Federal Budget Report 2015

Expanded edition with insights from the Deloitte tax team

The 2015-16 Federal Budget has now been handed down and from a business tax perspective, there were two main areas of focus – multinational business and small business.

More detail was provided surrounding the announcements made by the Treasurer on 11 May 2015 around an Australian diverted profits measure and imposing the GST on intangible imports. The Budget can be seen as the first comprehensive BEPS budget released by any major OECD country and confirms the Australian government’s strong commitment to implementing most of the key OECD BEPS measures on a fast track. There were also measures squarely aimed at supporting small business. Otherwise there were very few announcements that had not been anticipated beforehand.

For more information on this year’s Budget measures, we invite you to download the CCH-Deloitte Federal Budget Report 2015.

Our team will be analysing the details of the Budget papers and will release a series of Tax Insights into what the big changes mean for business. Please ensure you visit tax@hand or this Federal Budget page over the coming days to download these Insights.

Federal Budget Report 2015

Federal Budget Webinar - 13 May

Deloitte Federal Budget 2015-16: From patience to prosperity?

At 9:00am (AEST) on 13 May 2015, Vik Khanna (Partner, Deloitte Tax), David Watkins (Partner, Deloitte Tax), Doug Ross (Director, Deloitte Access Economics) and Diana Winfield (Head of Content, CCH) provided insight into important elements of the 2015-16 Federal Budget. Primarily, topics discussed during the webinar cover GST on intangible imports, multinational anti avoidance and small business tax reductions.

Watch the webcast to learn more.

Deloitte Federal Budget 2015-16: From patience to prosperity?

Tax insights - Federal Budget Report 2015

Immigration issues

The Federal Treasurer, Joe Hockey, handed down his second budget on 12 May 2015. In general, the budget is aimed at supporting small business and growing jobs, supporting families, ensuring fairness of tax and benefits, national security and progressing budget repair in a measured way.

There were no significant immigration related announcements, but rather some measures which are a continuation of some of the government reviews initiated during the previous 12 months. Explore the Tax insight to learn more.

GST on intangible imports

During the 2015-16 Federal Budget the Government confirmed the release of Exposure Draft bill that proposes to apply GST to a broad range of intangibles supplied from outside Australia. Explore the Tax insight to learn more.

Multinational anti avoidance

Following the Treasurer’s announcement the day before the 2015-16 Federal Budget of an integrity measure specifically aimed at addressing multinational tax avoidance, Treasury has released Exposure Draft legislation - draft Tax Laws Amendment (Tax Integrity Multinational Anti-avoidance Law) Bill 2015. Explore the Tax insight to learn more.

Australian diverted profits and GST measures

After much media speculation, and just a day before the 2015-16 Federal Budget, the Treasurer, the Hon. Joe Hockey MP, has announced that Australia will introduce a new integrity measure specifically aimed at addressing multinational tax avoidance in respect of diverted profits. The measure is intended to apply from 1 January 2016.

The Treasurer also announced that the GST will be extended to intangible supplies made in Australia by offshore suppliers. Explore the Tax insight to learn more.

Visit Deloitte's Tax insights home page for the latest developments in tax.

Federal Budget 2015 – Insights video

2015 Federal Budget speech & Opposition reply word clouds

An analysis of the Treasurer’s speech on 12 May shows that small business was firmly at the top of the government’s agenda, whereas analysis of Labor’s response shows jobs is their focus.

Perspectives from Deloitte's D.blog

Federal Budget 2015 fast approaching…

by Roisin Arkwright, 08 May 2015 – ‘A week is a long time in politics’ certainly holds true in the run-up to the Federal Budget with the ‘is it on or is it off?’ dance surrounding an Australian form of diverted profits tax. With Budget night approaching, how else have the goal posts moved and what are we now expecting to hear?

Explore the complete D.blog post to read more.


What to expect in the Federal Budget 2015-16

by Roisin Arkwright, 22 April 2015 – The next Federal Budget is fast approaching, and there is no doubt the Government’s second Budget is a critical juncture for the Prime Minister and the Treasurer. The media is awash with pre-Budget commentary and there are inferences from all of the major parties. This, together with added media interest in the recent tax discussion paper and the Senate Inquiry into tax avoidance by multi-national entities, makes it easy to lose sight of what we can actually expect to see on Budget night (12 May 2015).

Explore the complete D.blog post to read more.


Tax: A discussion we need to have

by David Rumbens, 20 April 2015 – Sustained productivity growth is the key to delivering on living standards, however Australia faces challenges in achieving meaningful growth going forward. This is partly because of our demographic destiny, partly because we can’t rely on another Chinese industrial boom, and partly because we’re already running precariously high levels of household debt. An important component could come from reforming the tax system – to build a more stable tax base, and/or encourage more economic activity.

Explore the complete D.blog post to read more.


Creating a movement: the Coalition’s marketing of tax reform

by David Watkins and Peta McFarlane, 25 March 2015 – Many of us will be familiar with the YouTube video ‘First Follower: Leadership Lessons from Dancing Guy‘, where a shirtless man is joined in his unusual dance by the ‘first follower’ and then ultimately the crowd. The Coalition is doing a similar routine around the country, communicating the need for change. It is trying to create its own movement, converting business, welfare groups, the public and state governments, to follow its lead as to the need for tax reform, and for a reorganisation of state and federal responsibilities and funding.

Explore the complete D.blog post to read more.

federal budget tax economics blog

Related media releases

05 May 2015Federal Budget 2015-16
On 12 May, Treasurer Joe Hockey will deliver his second Federal Budget. Deloitte will be providing economic, tax and industry insights in the lead up to, during and post-Budget. Meet our spokespeople who are available to provide commentary.

04 May 2015: Budget Monitor: The wheels fall off
Politics is cruelling efforts at Federal Budget repair, while the economy is hurting the fiscal outlook. What to expect from the upcoming 2015 Budget - what will be the impact of iron ore, commodity prices, wages and China? Deloitte Access Economics’ Budget Monitor subscriber report has become a much anticipated part of the process.

23 April 2015: CFO optimism surges as dollar tumbles
After a sluggish 2014, optimism among Australian CFO has made a significant comeback in the first quarter of 2015, according to Deloitte CFO Survey Q1 2015.

19 April 2015: Business Outlook: U.S. recovery v Chinese property markets
Same old, same old: the U.S. is looking better, but China is looking worse. For global growth that’s a draw, with a little upside thrown in from the Eurozone (where forecasters were getting too negative). But the global challenges continue to rise for Australia.

30 March 2015: It’s time to start a conversation about tax reform
The Federal Government published its long-awaited tax reform discussion paper which first impressions suggest is a wide-ranging document posing broad-based questions.

25 March 2015: $79 billion: Australia’s digital economy grows and grows
The Connected Continent II explores the rapidly changing face of Australian businesses and economy.

22 January 2015: Reducing the red tape for small businesses
A review by the Board of Taxation outlines the Government’s plans to reduce the red tape hindering the success and growth of Australia’s small businesses.

29 October 2014: Rules eat up $250 billion a year in profit and productivity
The fourth edition of the Building the Lucky Country series identifies that Australia’s productivity is being choked by red tape.

Media contact

Celine Gordine-Wright

Corporate Affairs & Communications
T: +61 3 9671 8285
M: +61 449 554 077
Email

Revisit Federal Budget 2014-15
 

In 2014, Australia saw the toughest Federal Budget since 1997. Revisit the 2014-15 Federal Budget brief, infographic, video and analysis to learn more, plus stay tuned for our forthcoming 2015-16 insights.

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