Budget confirms massive PBS savings
May 4, 2016
LAST night’s Federal Budget
revealed the government expects
to save more than $20 billion over
the next five years from the PBS
reform initiatives.
A special budget edition of
the Pharmacy Guild’s Forefront
newsletter also highlights other
aspects of the budget, including
the cuts to company tax, personal
income tax and small business
depreciation concessions which will
all benefit community pharmacy.
From 01 Jul 2016 businesses
turning over less than $10m will
have their company tax reduced to
27.5%, while other concessions will
extend the availability of an instant
write off for capital purchases of up
to $20,000.
The Guild noted that proposed
increases to the PBS co-payments
from the 2014 budget are still
factored into the calculations even
though they haven’t been effected
because of Senate opposition.
$45.2m over five years has
been allowed for several new and
amended PBS listings, while there’s
$20m to make TGA processes
“more flexible and timely” and fast
track new medicines.
The budget also sees $900,000
provided over four years to
streamline processes for approved
pharmacies which are required to
relocate due to damaged premises.
The above article was sent to subscribers in Pharmacy Daily's issue from 04 May 16To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 04 May 16
