Scott Morrison, the Federal Treasurer, delivered his 3rd budget tonight. Our good friends at Wolters Kluwer have kindly provided us with a quick reference guide for the 2018 Budget.
A few of the highlights of tonights announcements includes the following:
- tax cuts for taxpayers earning $87,000 or less
- $20,000 instant asset write off has been extended
- Medicare levy to remain at 2%
- increased funding for the ATO to target rogue tax payers
- deductions for vacant land to be denied
- super work test removed for select retirees contributing to super
- increase of number of members allowed in a SMSF from 4 to 6 people
If you’d like any further information on how this new budget affects you, please contact our office for further information.