Budget 2017

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.