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- 2017-18 Budget WebsiteHome page for the 2017-18 Federal Budget.
- Black Economy Taskforce - prohibition on sales suppression technology and softwareOn 9 May 2017, the Government announced that the manufacture, distribution, possession, use or sale of electronic point of sale (POS) sales suppression technology and software will be prohibited.
- CGT Changes for Foreign InvestorsOn 9 May 2017 the Government announced that Australia's foreign resident capital gains tax (CGT) regime will be extended to deny foreign and temporary tax residents access to the CGT main residence exemption. This change applies from the date of announcement. Properties held prior to this date will be grandfathered until 30 June 2019.
- CGT Concessions for Small BusinessOn 9 May 2017 the Government announced that it would amend the small business capital gains tax (CGT) concessions to ensure that they can only be accessed in relation to assets used in a small business or ownership interests in a small business. The concessions assist owners of small businesses by providing relief from CGT on assets related to their business, as well as contribute to their retirement savings through the sale of the business. However, some taxpayers are able to access these concessions for assets which are unrelated to their small business, for instance through arranging their affairs so that their ownership interests in larger businesses do not count towards the tests for determining eligibility for the concessions. The small business CGT concessions will continue to be available to small business taxpayers with aggregated turnover of less than $2 million or business assets less than $6 million. The measure will apply from 1 July 2017.
- Depreciation on Residential Property Plant & EquipmentOn 9 May 2017 the Government announced that from 1 July 2017, plant and equipment depreciation deductions will be limited to outlays actually incurred by real estate property investors. Investors who purchase plant and equipment for their residential property investment after 9 May 2017 will be able to claim a deduction over the effective life of the asset. Property owners will be unable to claim deductions for plant and equipment purchased by a previous owner of the property.
- DownsizingOn 9 May 2017 the Government announced that from 1 July 2018, individuals aged 65 or over will be able to make a non-concessional contribution to super of up to $300,000 from the proceeds of selling their home. These contributions will not count towards the non-concessional contribution cap and the individual making the contribution will not need to meet the existing maximum age, work or $1.6m balance tests for contributing to super. The home sold must have been owned by the individual for the past ten or more years and have been the principal residence of the individual. Both members of a couple can contribute to super under this policy from the proceeds of the sale.
- First Home Super Saver SchemeOn 9 May 2017, the Government announced that from 1 July 2018 individuals will be able to apply to withdraw voluntary contributions made to super after 1 July 2017 for a first home deposit.
- Foreign Resident Capital Gains Withholding PaymentsOn 9 May 2017, the Government announced proposed changes to the foreign resident capital gains withholding (FRCGW) rate and threshold. The changes will apply to:
- real property disposals from 1 July 2017 where the contract price is $750,000 and above (currently $2 million)
- all contracts settled from 1 July 2017 that the FRCGW applies to will be subject to a withholding tax rate of 12.5% (currently 10%).
- GST on Property TransactionsOn 9 May 2017 the Government announced that it will strengthen compliance with the GST law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the ATO as part of settlement. Under the current law (where the GST is included in the purchase price and the developer remits the GST to the ATO), some developers are failing to remit the GST to the ATO despite having claimed GST credits on their construction costs. As most purchasers use conveyancing services to complete their purchase, they should experience minimal impact from these changes. This change takes effect from 1 July 2018.
- Housing Affordability IncentivesOn 9 May 2017 the Government announced that from 1 January 2018, it will provide an additional ten percentage point capital gains tax (CGT) discount for resident individuals who invest in qualifying affordable housing. This will increase the CGT discount to 60%.
- Medicare Levy IncreaseOn 9 May 2017 the Government announced that from 1 July 2019, the Medicare levy will increase from 2% to 2.5% to ensure that the National Disability Insurance Scheme is fully funded.
- Medicare Levy ThresholdsOn 9 May 2017, the Government announced that the Medicare levy low-income thresholds for singles, families, seniors and pensioners will increase from the 2016-17 income year. The threshold increases mean that households will not pay the Medicare levy if their taxable income is below a statutory low-income threshold. The singles threshold will increase to $21,655. The family threshold will increase to $36,541 plus $3,356 for each dependent child or student. The single seniors and pensioners threshold will increase to $34,244. The family threshold for seniors and pensioners will increase to $47, 670 plus $3,356 for each dependent child or student.
- Multinational Anti-Avoidance LawOn 9 May 2017, the Government announced it will negate the use of foreign trusts and partnerships in corporate structures to circumvent the multinational anti-avoidance law. The multinational anti-avoidance law will be enhanced so that it applies to:
- corporate structures that involve the interposition of partnerships that have any foreign resident partners
- trusts that have any foreign resident trustees, and
- foreign trusts that temporarily have their central management and control in Australia.
- Small Business Asset Write-OffOn 9 May 2017, the Government announced an extension to the 2015-16 Budget measure providing an instant asset write-off provision for small business. Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30PM on 12 May 2015 and 30 June 2018. This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. You can claim the deduction through your tax return, in the year the asset was first used or installed ready for use. The current 'lock out' laws for simplified depreciation rules will continue to be suspended until 30 June 2018.
- Superannuation - Integrity of Non-Arm's Length ArrangementsOn 9 May 2017 the Government announced that from 1 July 2018 the non-arm's length income provisions applying to superannuation fund earnings will be amended to consider expenses associated with a transaction. This will reduce the opportunities for members to use related party transactions on non-commercial terms to increase superannuation savings.
- Superannuation - Limited Recourse Borrowing ArrangementsOn 9 May 2017 the Government announced that limited recourse borrowing arrangements (LRBAs) entered into after 30 June 2017 will be treated differently to improve the integrity of the superannuation system. The outstanding balance of a relevant LRBA will be included in a member's Total Superannuation Balance (TSB). Repayments of a relevant LRBA from a member's accumulation account that result in an increase in the value of a retirement phase account will become credits for Transfer Balance Account purposes.
- Travel Expenses for Residential Rental PropertyFrom 1 July 2017 travel expense deductions will be disallowed for residential rental property investors.
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- Workplace Rights & Obligations for Small BusinessThe Fair Work Ombudsman's (FWO) new Small Business Showcase is a virtual hub containing a wealth of tools and resources to help you meet your workplace responsibilities. The Showcase helps you understand and deal with key workplace issues like hiring, minimum wages and keeping accurate records. It also includes:
- short instructional videos on how to use their tools and resources
- an interactive checklist to check your knowledge of key workplace concepts
- online polls so you can share your insights and opinions on key workplace issues.