Latest News from Newealth

9 May 2018

2018 Australian Federal Budget

The Federal Treasurer Scott Morrision has handed down his third Budget which included the following key measures.

  • Income tax cuts through a combination of tax rate threshold changes and tax offsets.
  • Extension of the provision allowing small business to instantly write-off asset purchases under $20,000.
  • Cash payments to businesses will be restricted to $10,000 or less.
  • Work test exemption for those age 64 to 74 with total superannuation balance of less than $300,000.

It is important to remember that these Budget announcements are still only proposals and still need to be legislated.

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