2017-2018 Federal Budget Update

2017-2018 fed budget

The Federal Treasurer, the Hon. Scott Morrison MP, delivered his second Federal Budget on 9 May 2017.  With some considerable focus on affordable housing, there are minimal impacts on personal income taxation, superannuation and social security entitlements for most of us.

This summary provides coverage of the key issues.

Highlights

Personal income tax

  • Temporary Budget Repair Levy still to cease 30 June 2017  Read more
  • Medicare levy to increase to 2.5 per cent from 1 July 2019 Read more
  • Removal of certain residential rental property deductions Read more
  • Increase in CGT discount to 60 per cent for qualifying affordable housing – Read more

Business owners

  •  Limiting access to small business capital gains tax concessions – Read more

Superannuation

  • First home super saver scheme to commence 1 July 2017 Read more
  • Home downsizing superannuation contributions where over age 65 – Read more

Social Security

Foreign Residents

  • Lower threshold for withholding tax for residential property disposals – Read more

General advice disclaimer – General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

Editorial provided by Macquarie Group Limited.  Macquarie Group accepts no obligation to correct or update the information or opinions expressed in the Articles. The information in the Articles may be based on certain assumptions or market conditions and may change without notice.  The Macquarie Group specifically disclaims any liability (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental or consequential damages arising out of or in any way connected with the access to or use of the Articles.

 

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