Reward for work a dominant theme in this Budget

The seven year personal income tax plan initially targets low to middle-income earners before making significant changes to the tax brackets.

But, the devil is in the detail for advisers.

SMSF Auditors are grappling with the proposed 3 year SMSF audit cycle.

There are also a number of tax changes to close loopholes.

The black economy also features consistently with a multiagency task force 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 of the detail for these announcements has not been released. But, if you have questions about the impact of the Budget announcements, just ask the team at Collins Hume on 02 6686 3000.

Download full Budget 2018-19 update.pdf