This year’s federal budget in many ways lived up to its hype. It was mostly a dull and boring affair – but there were some surprises.

Small business owners have plenty to smile about. The 1.5% tax rate cut has been confirmed, but it’s also been extended to unincorporated small businesses to the tune of 5%. They’ll also get an immediate deduction for all individual assets they have costing less than $20,000. Employee Share Scheme rules have been simplified, as have car expense claim deductions. But pension thresholds have been extended and part pension taper rates tightened.

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