Social Issues

Pilisadara — A conversation about the Federal Budget 2017/18

Posted on: Sun 4 Jun 2017

Adelaide Lakhanda spoke to Ama Abeywicrama who is a Tax consultant & a BAS agent regarding the federal budget. A brief summary of some of the changes which may affect you are as follows

  • 2% Temporary budget fixing levy introduced in 2014 for income over $180,000 will stop in July 2017
  • Medicare levy will go up to 2.5% from July 2019 to cover the cost of NDIS
  • $20,000 asset write-off for small businesses has been extended by a year
  •  Landlord will not be able to claim travel expenses for visiting their investment properties from July 2017
  • Higher education assistance (HELP / HECS) threshold will reduce to $42,000 from 2019
  • First homebuyers are able to make volunteer contributions to the Super fund to be used towards purchasing of the first home
  • Family Tax part A will be reduced by $28 from July 2017 for parents who have not vaccinated the children as per the schedule
  • For more information visit www.ato.gov.au

Adelaide Lakhanda

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