Home – New Forums Money matters 2016 Federal Budget Reply To: 2016 Federal Budget

James Millar
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Melpal75, post: 214922, member: 67767 wrote:
Hi James, I can’t find where I read it, it might of been in an article…..which of course may not be accurate:)

Have you heard anymore about this bill and when it might go to parliament?? We are keen to get a car however we think maybe we should wait until the legislation is passed through the parliament??

That’s a very good question. Given the debacle in getting the 2015 budget measure through I would not be surprised if this dragged on for quite some time. Where does that leave the average small business taxpayer? Basically no man’s land. However the ATO will generally give an amnesty penalty free amendment if the law does not pass. That means you get to pay your accountant to redo your books and you also forgo the tax benefit that probably incited you to buy the item.

I’m afraid this is the sad state of Australian politics and lawmaking. No political mandate, mixed senate arrangements – basically anything can be blocked for any reason. If we conducted private enterprises in such a way we would all be out of business.

Stay tuned for updates – we will be sure to post them here as they evolve.

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