Australian Federal Budget 2018
- Thursday, May 31, 2018
Author: James Collacott
The latest Federal Budget was announced last n ight, Tuesday, 8 May 2018 by the Treasurer Mr Scott Morrison. The government is proposing measures which focus on strengthening the economy as well as taking further steps to repair the budget over the medium term.
Whilst there was no substantial tax reform of any variety, it is clear that the government see this as an election Budget given the overhaul to personal income tax rates and brackets over the medium term. This includes removing the current 37% rate band as well as various other simplification measures.
For the first time in almost a decade, superannuation came out relatively unscathed. Some minor wins for the SMSF space and concessions for those wanting to contribute to super after age 65 were the highlights.
It is also clear that the government has a continued focus on the collection of tax and has provided substantial funding to regulators to clamp down on non-compliance and unpaid taxes.
Detailed below is a selection of some of the key Budget announcements which are likely to be of interest to many taxpayers.