The 2018-19 Federal Budget (Budget) has been delivered with Treasurer Scott Morrison confident that Australia will continue its economic recovery, returning to surplus by 2021.
The Budget provides tax relief for many Australians, with a number of measures expected to impact small to medium business owners. There is a large focus on the black economy and ensuring taxpayers comply with their tax obligations.
As seen in the 2017 Budget, the superannuation measures announced this year once again demonstrate the need for a comprehensive review of retirement income systems.
We have summarised the key budget highlights and outlined the changes announced. From a tax perspective, we can expect:
- A major plan to reform personal income tax.
- Medicare levy to remain at 2%.
- $20,000 instant asset write-off extension.
- Strict stance on vacant land.
- Superannuation fee changes.
- ATO tightening compliance.
View our Budget summary HERE.
If you have any questions in relation to the Budget and how it affects you, contact our office on 03 5443 0344 or via firstname.lastname@example.org