Australian Federal Budget 2018/19

The Federal Budget 2018 was handed down in Canberra on Tuesday 8 May 2018.

 

WINNERS

 

Personal tax rates – staged 7-year reform plan. Means a tax break of up to $530 a year starting from 1 July 2018.

 

Small business – the $20,000 instant asset write off has been extended to 30 June 2019.

 

Pensioners – will now be able to earn $300 a fortnight without affecting their pension.

 

LOSERS

 

Tech giants – like Google, Amazon and Facebook will be forced to pay more tax under a crackdown on the digital economy.

 

Tax cheats – cash payments over $10k made to businesses will be illegal.

 

Smokers – duty to be paid when tobacco enters country, new taskforce to help combat illicit tobacco smuggling and more ATO resources to help detect and destroy illicit tobacco crops.

 

Contact us for any advice or further information regarding the Australian Federal Budget and how it affects you.