Pitcher Partners' comprehensive analysis of the 2017-18 Federal Budget is now available.
Overview
This Budget continues the intent of gradually returning to surplus over the medium term, with the Budget expected to balance in 2021 and remaining in surplus thereafter. But it's a case of relying on regulation, not innovation, to find savings in the Budget.
To read more click here.
Personal Income Tax
There are no changes to personal income tax rates proposed in the Budget, however the Medicare Levy will increase from 2% to 2.5% from 1 July 2019.
To read more click here.
Superannuation
No major superannuation changes, but the Government has announced housing affordability measures and tax integrity measures applying to specific superannuation investments.
To read more click here.
Small Business
The instant asset write-off is being extended, but access to the small business CGT concessions will be tightened.
To read more click here.
Property
The Government has introduced two new measures to restrict the availability of deductions in respect of residential investment property, expecting to save $800 million over the forward estimates.
To read more click here.
International Tax Measures
Foreign residents owning or looking to invest in Australian real estate have been targeted in the Government’s housing affordability measures.
To read more click here.
Finance and Investment
A major bank levy will be imposed on Authorised Deposit Institutions. The Government has also introduced tax incentives to encourage investment in affordable accommodation.
To read more click here.
Indirect Taxes
A range of indirect tax measures have been announced in the Federal Budget.
To read more click here.
Fintech and Innovation
A number of amendments were expected to address uncertainties with the current tax concessions relating to Fintech startups. These did not materialise.
To read more click here.
Tax Integrity
The ATO continues to focus on the black economy and organised crime.
To read more click here.
Infrastructure
The Federal Government will seek to boost the economy by investing an additional $20 billion in transport infrastructure over the next ten years.
To read more click here.
Download the full report here.
Download the Federal Budget Infographic Highlights here.
Contact
Scott Treatt
Partner, Tax Consulting
+61 2 9228 2284
scott.treatt@pitcher.com.au
Pitcher Partners Sydney
Level 22 MLC Centre, 19 Martin Place, Sydney NSW 2000
www.pitcher.com.au
