Federal Budget – 2017-2018 Brief

Federal Budget – 2017-2018 Brief

Welcome to the KSR edition of the Federal Budget overview.

The Federal Government handed down what commentators are calling a balanced budget. Scott Morrison has embraced a positive outlook for the economy and says the budget focuses on boosting the economy and households. The budget anticipates the books to balance in 2020-21.

The main message from this year’s budget is housing affordability.

The key changes announced are:

• Allowing first home buyers to save for a deposit via their superannuation funds

• Extension of the $20,000 immediate asset write off for small business

• Limiting investment property deductions

• Temporary budget repair levy of 2 per cent applying to individuals earning over $180,000 will cease on 30 June 2017 as intended

• Integrity measures for Small Business CGT concessions

• Increase in Medicare Levy from 1 July 2019

• Foreign employer levy applies to businesses that employ foreign workers

Please click here for a more detailed overview of the budget measures and how they may impact you.

Please do not hesitate to contact the team here at KSR if you have any questions.

The KSR Team