Reward for work 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.
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
