The ‘Breadwinners’ Budget, focused squarely on lower to middle income earners, is predominantly the budget we expected just prior to an election.
The summary takes you through the key measures including:
The business & tax initiatives
- $20k accelerated depreciation extended
- Research & Development incentive shake-up
- Extension of the taxable payments reporting system – the affected industries
- Why more entities will be considered significant global entities
- The superannuation measures including the proposed 3 year SMSF audit cycle.
For individuals & families
- The personal tax cuts explained
- The family and testamentary trust changes
- Taxing the fame or image of high profile sportspeople and actors
- The measures designed to encourage pensioner financial responsibility
We also cover the large investments in innovation.
If you are concerned about any of the measures and how they might apply to you, please contact the Hayes Knight team on 02 9221 6666.