2018 Federal Budget Summary
Its that time of the year again, Federal Budget! It's not the most interesting topic but it can impact you quite significantly so I've created a summary to help you understand what it means for you:
- Tax Cuts for individuals - a seven year plan was released for lower tax rates for low and middle income earners.
- Small businesses - the $20k instant asset write off has been extended for another year. Great for small businesses to purchase assets and get an immediate tax benefit. Further tax cuts for businesses with the aim to get the rate to 25% in the long term.
- Supply of affordable housing - initiatives from last year's budget remain on track and the government will be releasing more land suitable for housing construction.
- Electricity bill savings - The National Energy Guarantee will see $400 off the average Australian household’s annual power bill and places a focus on the affordability, reliability and sustainability of our energy supply.
If there are any areas you would like further information on please let me know and I can review for you.