Budget 2018: Individuals & Families
Person Income Tax Cuts The anticipated personal income tax cuts will be delivered as part of a seven year plan culminating in the removal of one tax bracket from 1 July 2024. The Government states…
Budget 2018: For Businesses
$20K Accelerated Depreciation Extended The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended until 30 June 2019. From 1 July 2019, the immediate deduction threshold will…
Federal Budget 2018: Superannuation
3 Year Cycle for SMSF Audits Date of Effect: 1st July 2019 SMSFs with a history of good record‑keeping and compliance – that is, three consecutive years of clear audit reports and annual returns lodged on…
Budget 2018: Property Investors
Deductions will be denied for expenses associated with holding vacant land. The Government is concerned that deductions are being improperly claimed for expenses, such as interest costs, related to holding vacant land, where the land…
Budget 2018: Infrastructure & Investment
New Infrastructure Projects $75 billion has been set aside for transport infrastructure including $24.5 billion in new projects. New projects include: Roads of Strategic Importance: $3.5 billion, including $1.5 billion for Northern Australia Package, $400…
Budget 2018: Economic Overview
The Government is very keen to push its economic credibility in this Budget - to the point that the Budget website is very glossy with a lot of ‘good news’ messages: An economy in its…
