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Budget 2018-19 Summary
Reward for work is a dominant theme in this year’s Budget. The seven year personal income tax plan initially targets low to middle income earners before making significant changes to the tax brackets.
There are also a number of tax changes to close loopholes and while not presented in the budget, the Treasurer has flagged the release of a discussion paper that will explore options for taxing digital business in Australia. There will be more to come – just not this year.
As you would expect from an election budget, there is not a lot of bad news or serious cuts. The black economy however features consistently with a multiagency taskforce and all manner of programs including the imposition of a limit of $10,000 on cash payments.
Key initiatives
- $20k accelerated depreciation extended until 30 June 2019
- Research & development incentive shake-up
- Black economy – new initiatives and more industries rolled into the taxable payments system
- Introduction of a 3-year cycle for SMSF audits for compliant funds
- Seven year personal tax cut plan
- Major innovation funding
Overall, the 2018-19 Budget is an election budget, targeting low and middle income earners. But as usual, the devil is in the detail for most.
Download Budget 2018-19 Summary
