By JESSE GRAHAM
HELP for small businesses and a backdown from last year’s more intense measures are two notable standouts from last week’s Federal Budget, with pleasure and pain in its pages for Yarra Ranges residents.
On Tuesday, 12 May, the Federal Government released its budget for the coming financial year, outlining new savings, along with policies for businesses and families across the country.
Small businesses are expected to be one of the best-off groups under the Federal Budget, with the government bringing in a new immediate tax deduction for any assets purchased for less than $20,000.
Any of these assets – a lawnmower, industrial oven, coffee machine or printer were examples given by the government – can have their entire cost deducted from tax, as long as the business has an annual turnover of under $2 million.
Tax on small business is also to drop by 1.5 per cent, and unincorporated small businesses will receive a five per cent tax discount – up to $1000 – each year.
Casey MP, Tony Smith, praised the measures as one of the highlights of the new budget.
“The new $5.5 billion Growing Jobs and Small Business package will help local small businesses in the outer-east and Yarra Valley to invest more, grow their enterprises and employ more locals,” he said.
According to treasurer, Joe Hockey, the budget also features provisions for farmers, who will be able to make immediate tax deductions on new fencing, as well as adding $250 million into the Drought Concessional Loan Scheme.
The Roads to Recovery program, which supports maintenance of local roads by funding councils, has been doubled under the budget, and the Yarra Ranges will receive $3.3 million in the 2015-’16 year.
The money will be allocated to Yarra Ranges Council to use for local road improvements.
Meanwhile, La Trobe MP, Jason Wood, announced that the Yarra Ranges would receive $3.835 million to fund the construction of a Multi-Purpose Health Hub in Belgrave.
Mr Wood said the Belgrave hub would be a “one-stop health hub” for communities surrounding the town, with numerous Yarra Ranges Council and external groups based under one roof.
Yarra Ranges Youth Services, Maternal and Child Health, Aged and Disability Services, Inspiro and the Dandenong Ranges Emergency Relief Services will all be located in the hub, which will sit at the current Youth Services site next to the Cameo Theatre.
The funding accompanies $1 million in State Government funding in last year’s budget, and the Yarra Ranges Council has said it would fund the remaining costs for the $8.3 million building.
Yarra Ranges Council Director of Social and Economic Development, Ali Wastie, said the grant was the largest community infrastructure grant the council had ever received.
Mr Wood also announced $1.5 million for a community hub to be established in Emerald, which would replace the existing Mechanic’s Hall.
The hub would provide space for the University of the Third Age (U3A), Men’s Shed, and 3MDR Community Radio, among other features.
“This is a great boost for the area,” Mr Wood said.
The government backed down on its controversial proposal to bring in a six-month waiting period for Newstart payments for those aged under 25 from last year’s budget, replacing it with a four-week waiting period in the latest budget – the current waiting period is two weeks.
Under the government’s recently-announced ‘no jab, no pay’ policy, parents whose children do not have up-to-date vaccinations will lose access to Family Tax Benefit Part A’s end-of-year supplement and subsidised childcare.
The budget papers estimate this will affect the families of 39,000 children under the age of seven across the country who do not have up-to-date vaccinations.
The policy’s only exemption is for medical reasons – religious or personal objection will no longer allow parents to continue to receive payments – and will begin in January 2016.
The proposed GP co-payment or increased Medicare payments proposed under last year’s budget, which were widely protested and later killed off by Prime Minister Tony Abbott, does not appear to have returned in this year’s documents.
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