“A plan for stronger growth, delivering more and better paying jobs, tackling cost of living pressures and ensuring the Government lives within its means” is what Scott Morrison is saying about his 2017 budget. With some early tacit approval for some of the big ticket items from the Federal Opposition, we look forward to seeing how the change proceed when they get to the Senate.
The major tax related announcements in the Budget include:
An increase in the Medicare Levy from 2% to 2.5% to fund the National Disability Insurance Scheme
Introduction of the First Home Super Save Scheme allowing first home buyers to funnel some income into super accounts at a lower tax rate.
New taxes on the big banks which could well be passed straight onto the consumer.
These initiatives present opportunities for some and the need to rearrange for others. In both cases getting good advice will be important and we are here to assist our clients get the best outcome.
Follow the links to read about the sections that are relevant to you and if you have any queries about the impact of these announcements then please don’t hesitate to contact us.