BUDGET 2017-18

Budget Aggregates

Treasurer Scott Morrison has delivered his second Budget with the mission to create “better days ahead” for Australia.

As with every budget there are more benefits for some than for others.

We will be publishing a series of articles to highlight those benefits with specific emphasis on Tax, Superannuation, Small Business, Regulation, Housing, Spending, Innovation and Economy.

Here is an overview of what the new Budget intends to achieve:
• Boost the economy and help households, to ensure all Australians can benefit from the nation’s growth story. It seeks to create more opportunities for Australians and businesses, to guarantee essential services and create more and better paying jobs. The growth predictions if achieved will be great for the economy.
• Back small business and investing in future growth with funding for major infrastructure projects. The retaining the tax reduction for companies and the depreciation write-offs are positive measure to help achieve this.
• Guarantee Medicare to ensure Australians can access timely and affordable health care, by establishing the Medicare Guarantee Fund.
• Ensure the National Disability Insurance Scheme is fully funded by increasing the Medicare levy by half a percentage point
• Provide an additional $18.6 billion in funding over a decade for schools.
• Reduce the cost of living by improving Australians’ access to secure and affordable housing across the housing spectrum.
• Deliver further investment in infrastructure across our cities and in our regions to ensure the benefits of Australia’s economic growth are shared broadly across the country
• Protect Australian jobs by abolishing the subclass 457 visa. This visa will be replaced by a new temporary skilled visa restricted to critical skill shortages.
Together these measures aim to increase the economy’s performance that is vital to ensuring that we live within our means and are able to return the Budget to balance in 2020-21

This information is a summary of the budget overview presented on government.gov.au.

Next article:

Budget 2017-18 and Tax – with special emphasis on small business, first-home buyers and residential property investors.

For more specific and regular updates on how to save on tax, you are welcome to join our new educational series: “How to minimise tax completely legally”.

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