Goodwin Chivas & Co. Newsletter - Budget 2018 Edition
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.
You can read the articles by selecting them from the menu at your left or clicking on links in the text above.
Our aim is to make better use of your time and keep you updated on matters affecting your business and family life.
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
