2007-08 Federal Budget: substantial tax cuts and more

• small business: the GST registration threshold will be increased to $75,000; the threshold for an approved tax invoice will increase to $75; availability of simplified accounting methods for GST will be extended
• company losses: the $100m cap on the same business test will be abolished, with effect from 1 July 2005
• consolidation: a number of changes eg re authorised deposit-taking institutions
• super: the Government will provide a one-off doubling of the superannuation co-contribution
• venture capital: eligibility requirements will be relaxed
• MIS: trading of interests in forestry managed investment schemes will be allowed
• films: new tax incentives for film production are provided