Scott Morrison’s third Federal budget is headlined by $140 billion in tax cuts over the next decade, immediate tax relief of up to $1,060 a year for middle-income households and a fundamental reform of the tax system.
Summary of Budget measures
Note: These changes are proposals only and may or may not be made law.
From 1 July 2018
- Low and middle income earners are to benefit from tax savings of up to $530 per person (or $1,060 per couple).
- The Medicare Levy will remain at 2%.
- The $20,000 instant asset write-off for business with aggregate turnover less than $10m will be extended
until 30 June 2019.
- Funding for home care services and residential aged care will increase.