The Federal Treasurer, Mr Scott Morrison, handed down the governments Federal Budget on the 8th of May 2018.
As tends to happen in a Federal Budget leading up to a Federal Election the purse strings have been loosened with every Australian taxpayer to enjoy a tax cut this coming financial year and every year thereafter for seven years. As always there are winners and losers and we have provided a summary below of the key changes to individuals, business owners and superannuants.
From a small business perspective, the most significant thing to come out of this budget is the extension of the instant asset immediate write-off cap of $20,000 being extended for another 12 months to 30 June 2019. This is a big win for businesses trying to grow and, subsequently helps stimulate the economy and ultimately create more jobs.
From a superannuation perspective trustees of SMSF’s with good compliance history look to be rewarded with the burden of having your SMSF audit annually extended to every three years.