Scott Morrison has delivered the 2018 Federal Budget and some of the key measures announced were:
Crackdown on the Black Market Economy
A new taskforce to be set up to target specific sectors identified as being high risk for large amounts of income being unreported. The government has also raised the notion of capping cash payments for businesses to a limit of $10,000 but more information is needed on how this will work in practice.
Pension Work Bonus
An increase to the Pension Work Bonus threshold which allows the first $300 of fortnightly employment income to not count towards the Age Pension Income Test.
Extension of the $20,000 small business asset write off until 30 June 2019.
Planned increase to Medicare Levy to 2.5% from 1 July 2019 has been removed. While personal income tax rate cuts with progressive application through to 2024 have been proposed.
Change annual audit requirements for SMSF’s with good lodgement and compliance history to a three year audit cycle
Please contact our office to speak to one of our accountants if you would like to know how the budget will affect you. Langley McKimmie Chartered Accountants (03) 5427 8100.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.