Budget 2018 – I watched it so you didn’t have to!
Ok – so by now you have probably seen a million emails or articles breaking down the 2018 budget handed down on last night… no? Just me? – Regardless, I watched it so you didn’t have to (you’re welcome), so I thought I should give you a couple of the main points – the ones important to you – not what might be happening in 2024 (der – we could all be using Coin-Ye by then! … aaanndd I have just given away next months article), but what is relevant to you today.
So here we go…
Personal income tax
- Income tax cuts through a combination of tax rate threshold changes and tax offsets.
- Tax deductions denied for expenses associated with holding vacant land. – Cya land banking!
- Cash payments to businesses will be restricted to $10,000 or less.
- Continuation of $20k instant asset write-off for business with turnover less than $10m
- Self-managed superannuation fund (SMSF) member limit increase.
- SMSF three-yearly audit cycle.
- Opt-in basis for default insurance inside superannuation.
- Passive fees, exit fees and inactive super to be consolidated – refer my previous emails and this article online.
Of course, there were plenty more things included in the budget – it doesn’t take all night for nothing! Therefore, If you want a more comprehensive breakdown, please contact me and I will be happy to discuss it with you and what it might mean for you specifically!
Finally, if the budget returning to surplus a year earlier has motivated you to tackle your finances and debts – reply to this email or give me a call so we can bring your budget back to surplus!