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ARTICLE · 15 MAY 2015

Federal budget 2015-16: Quick guide - the big business measures

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The article considers some of the more significant measures in the 2015-16 Federal Budget that will impact big business.

AustraliaGovernment, Public Sector
Rhys Jewell
Rhys Jewell
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Last night, the Federal Treasurer, Joe Hockey MP, released the 2015-16 Federal Budget. After public self-evaluation of its last budget as over-reaching, the Government has gone back to basics whilst still focussing on repairing the budget deficit in the medium to long term.

The budget deficit is projected to be approximately $35 billion in 2015-16 (2.1% of GDP), reducing to approximately $7 billion by 2018-19 (0.4% of GDP). Many of the measures announced last night had already been telegraphed and so there were few surprises for business.

Below are some of the more significant measures in this year's Budget that will impact business.

MULTINATIONAL TAX AVOIDANCE

Despite speculation that Australia would implement a UK-style "diverted profits tax" (or "Google tax" as it has become known), the Government has instead proposed to amend the Australian general anti-avoidance rule (Part IVA) so that it would apply to large multinationals (those with annual global

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