2018 Federal Budget

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

Click here to access the Federal Budget 2018-19

If you’d like any further information on how this new budget affects you, please contact our office for further information.