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Budget Update

Budget Update

The Treasurer handed down the Budget 2017/18 at 7.30pm on Tuesday 9 May 2017.

In short, the Budget proposes a series of measures targeting gaps in healthcare, first home ownership, foreign workers, investments and bank accountability. It also delivers $75 billion in infrastructure projects.

Key Budget measures include:

Business

  • Extension of the $20,000 immediate deduction until 30 June 2018;
  • Contractors in the courier and cleaning industries face greater compliance;
  • Access to small business CGT concessions tightened;
  • Banks hit with ‘major bank levy’.

Superannuation

  • Superannuation concessions for over 65s to downsize – up to $300,000 per member;
  • The ability for would-be first home owners to salary sacrifice into super to save a deposit.

Investors

  • An array of housing affordability measures including: a CGT discount increase to 60% for investments in affordable housing, and Managed investment Trust investment opportunities in affordable housing;
  • Deductibility of investment property travel costs to end and restrictions on depreciation deductions;
  • A series of restrictions on foreign property investments.

Individuals & Families

  • Medicare levy increase to 2.5% from 1 July 2019;
  • Help with energy bills for some social security recipients;
  • Demerit system for jobseekers.

More detailed information is available in the Budget edition of Words of Wisdom or by contacting the office.

This article is provided for information purposes only. It should not be used in place of advice from your accountant. Please contact us on 02 9560 3777 to discuss your specific circumstances.

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