On Tuesday, 8 May 2018, Treasurer Scott Morrison handed down the 2018-19 Federal Budget, his 3rd Budget, in what is widely perceived to be an election Budget. The Treasurer has taken just under half of the $35 billion of improved revenue and turned it into tax cuts targeted to benefit all Australians.
The major revenue measures announced in the Budget included:
- Staged personal tax reform over 7 years from 2018-19, including new low income tax offset
- Extending the $20,000 instant asset write-off by another 12 months
- No tax deduction for non-compliant PAYG and contractor payments
- Cash payments limit of $10,000: payments made to businesses
- Several measures to further address the black cash economy
- Deductions disallowed for holding vacant land
- Super Guarantee opt-out for high-income employees who breach concessional cap
- Personal superannuation contributions - improving notice of intention to deduct
- SMSF audit cycle of 3 years for funds with good compliance history
- Super fees to be capped at 3% for small accounts, exit fees banned
The main areas of focus in the 2018-19 Federal Budget are personal tax cuts, superannuation, business taxes and social security.
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If you have any questions about how any of the measures announced in the budget affect you or your business, please contact your Manager or Partner at Goodwin Chivas & Co.
The Goodwin Chivas & Co. team