Budget News – Promised yesterday, scrapped today

Budget News – Promised yesterday, scrapped today

The pre-Budget speculation about reduced tax breaks for companies to help fund the surplus has come true, with the proposed company tax rate reduction to 29% scrapped altogether . Measures to provide a standard tax deduction and a 50% discount on interest income have also been scrapped. In addition, a range of CGT changes were announced, including removal of the CGT discount for non-residents.