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.