The major revenue measures in the 2017-2018 Budget are:
Small Business: The immediate asset write-off ($20,000 threshold) for small business entities will be extended a further 12 months to 30 June 2018;
Small business CGT concessions will be restricted to assets used in a small business or ownership interests in a small business – Effective date 1 July 2017;
Big business: The multi-national anti-avoidance law (MAAL) will be amended to negate the ongoing use of foreign trusts and partnerships in corporate structures to avoid the underlying intention of the MAAL Legislation. This measure has effect from 1 January 2016;
Tax Office: The ATO will receive additional funding to support the black economy audit and compliance programs;
GST: New measures to manage the GST treatment of digital currencies (effective 1 July 2017) and changes relating to the payments on sales of new residential premises (proposed effective start date 1 July 2018);
Introduction of a bank levy from 1 July 2017 for ADIs with licensed entity liabilities of at least $100bn;
Medicare: The Medicare levy will be increased by 0.5% to 2.5% effective 1 July 2019;
The budget also introduced:
Multiple SME Growth and Innovation measures
Recovery Assistance measures
Substantive Infrastructure spending measures
Workforce Skilling measures
and a $29.4 billion Fiscal Deficit with a revised $600 billion debt ceiling (or a $25,000 debt per person for every living Australian)
Note: All measures need to be presented to Parliament and passed by both the House of Representatives and the Senate to become Law.
If you would like further information in relation to this article or for further guidance please contact Noe Vicca at email@example.com or call +61 7 3221 9444.
Disclaimer: The contents herein are intended for general information only and should not be construed as legal or accounting advice. Vicca Chartered Accountants Brisbane bears no responsibility for any loss that might occur from reliance on information contained in this publication. Please do not reproduce, transmit or distribute the contents herein in any form without prior permission from Vicca Chartered Accountants, Taxation Accountants Brisbane Australia.
Vicca Chartered Accountants: Professional, Practical, Commercial.Experience the Difference™
Vicca Chartered Accountants Brisbane, Australia - Level 16, 127 Creek Street, Brisbane Qld 4000 | P: +61 7 3221 9444