Business Alert at 9:00am With CVA – Budget Points You May Not Know

Clear Vision • April 16, 2019

Budget Points You May Not Know

Not everything is televised on mainstream television. Here are some budget points we found interesting.

Fire ants under attack…. The government has allocated $18.3 million over three years to assist an immediate program to support the eradication of fire ants.

Tax breaks for Men’s and Women’s Sheds Have you spotted the Men’s Sheds and Women’s Sheds around town? Well the budget is allowing gifts of $2 or more to be tax deductible from 1 July 2020. The deduction applies to both gifts of money & property, and the measure is designed to encourage philanthropy and support for the not-for-profit sector.

Museum & memorial for sex abuse victims The budget has allocated $2.5 million in 2019/2020 for consultation on options for a national museum or memorial for victims & survivors of institutional child sexual abuse. The funds will also be used in preparatory work for a national orphanage museum.

Adelaide Space Centre Adelaide’s status as the centre of Australia’s newly formed space industry will be secured with $6 million funding for a Mission Control centre to support the emerging space startup industry.

Dark Mofo light show Hobart’s Dark Mofo festival will receive $1.5 million for a major light show to encourage tourism to Tasmania during the closure of the Tahune Airwalk as a result of recent bushfires.

Facilities for para athletes Essendon Football Club’s “The Hangar” facility, which is also Paralympic Australia’s Victorian base, will receive $4 million over two years to construct new facilities.

Sports integrity A new body called Sport Integrity Australia will be established as part of $33 million in funding to safeguard the integrity of Australian Sport. The new body will carry out anti-doping and a National Sports Tribunal will be created to hear and resolve rule violations.

The Federal Budget was developed with the May election in mind and therefore these budget items will only be in play if they are reelected.

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