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The Budget 2015

Posted: 13/05/2015 9:37:19 AM by Mining Oil and Gas Jobs
Filed under: Oil-and-gas, Career-resources

Small business accounts for a significant component of the mining oil and gas industries according to industry spokesperson Laura Gunnis and as such are pleased to see this sector receiving a benefit in this year’s Federal Budget.

The nation’s two million small businesses receive a tax cut from 30 per cent to 28.5 per cent and gain access to a generous instant asset write-off of up to $20,000 for the next two years

“Tools and equipment now being fully tax deductible will have an effect of enabling purchases to take place where previously these decisions were being deferred due to austerity measures having been put in place throughout the industry”
according to Laura Gunnis.

Additionally employees will be able to get a laptop, a mobile phone and an iPad from their employers Fringe Benefits Tax-free in a move that Gunnis saw as long overdue and certainly in line with today’s technology.

On the subject of the iron ore impact on the budget Laura Gunnis commented that last night’s budget assumptions are based on a conservative estimate of the price of iron ore of only $US48 per tonne.
This is regarded as conservative at present as the recent market prices of iron ore is more than $US62 a tonne. If the price of $US48 is sustained it could give the government a much-needed boost to income and growth in next year’s budget.

The budget papers demonstrated the impact of the federal government’s revenues to the sharp swings in the world iron ore price given Australia’s dominant position in the world market
Laura Gunnis sees the price decline as due to the “substantial increase in global supply coinciding with an easing in steel demand from China”.

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