2017/18 Federal Budget update
Highlights from the 2017/18 Federal Budget.
Treasurer Scott Morrison delivered his 2nd federal budget on May 10, 2017. In this year's budget there are a number of announcements of which financial advisers and their clients should be aware, including:
- Small businesses with a turnover up to $10 million can write off expenditure up to $20,000 for a further year
- Accommodation and travel deductions for residential rental property will be disallowed
- Depreciation deductions for plant and equipment on residential investment properties will be limited
- The Government will spend $75 billion in infrastructure funding and financing over the next 10 years
- A $472 million Regional Growth Fund will be established
- No changes to negative gearing or capital gains tax
- An annual foreign worker levy of $1,200 or $1,800 will apply per worker per year on temporary work visas and a $3,000 or $5,000 one-off levy for those on a permanent skilled visa
Read more about the 2017 Federal Budget.