Tally & Co - Bookkeepers Shepparton
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Budget 2017

10/5/2017

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Scott Morrison has handed down the budget for the 2017/18 and here are a few changes that are worth noting.
  • The $20k immediate tax deduction has been extended to 30/6/18
  • The First Home Super Saver Scheme has been introduced to help first home buyers save a deposit quicker. It involves salary sacrificing pre-tax dollars from your pay cheque into your super account. Deposits will then be taxed at the same 15% concessional rate as your superannuation.
  • The Medicare Levy has been increased by 0.5% to 2.5%
  • The HECS/HELP debt repayment threshold has been lowered to $42k from the current level of around $52k.
  • Travel expenses incurred by owners on negatively geared properties are no longer deductible.
  • Depreciation expenses on investment properties can no longer be deducted unless the owner (you) incurred the cost and not a previous owner.

If you have any questions as always we are happy to have a chat.
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    Author

    David Quintrell

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