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Federal Government releases MYEFO with some tweaks
Federal Treasurer Jim Chalmers has released the Mid-Year Economic and Fiscal Outlook (MYEFO), and while there aren't usually a lot of headlines from these economic 'progress reports', there were a few announcements this time around that will affect some taxpayers.
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Small Business Energy Incentives
The Small Business Energy Incentive was announced earlier this year as a part of the Federal Budget. The incentive provides for a bonus 20% deduction on eligible expenditure for small businesses that helps to improve energy efficiency. Motor vehicles and solar panels are, however, explicitly excluded.
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A few notes for the new financial year
As difficult as it is to believe, the start of a new financial year is just around the corner. It feels as though we just turned over the calendar year to January, and now we're already half way through! As always, there are few changes coming in July that are worth noting, especially for those in business and people drawing a pension from superannuation.
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