The Federal Treasurer, the Hon. Scott Morrison MP, delivered his second Federal Budget on 9 May 2017. With some considerable focus on affordable housing, there are minimal impacts on personal income taxation, superannuation and social security entitlements for most of us.
This summary provides coverage of the key issues.
Personal income tax
- Temporary Budget Repair Levy still to cease 30 June 2017 – Read more
- Medicare levy to increase to 2.5 per cent from 1 July 2019 – Read more
- Removal of certain residential rental property deductions – Read more
- Increase in CGT discount to 60 per cent for qualifying affordable housing – Read more
- Limiting access to small business capital gains tax concessions – Read more
- First home super saver scheme to commence 1 July 2017 – Read more
- Home downsizing superannuation contributions where over age 65 – Read more
- Energy assistance payment – Read more
- Lower threshold for withholding tax for residential property disposals – Read more
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