Australian Federal Budget 2018-19

Reports, insights and analysis of the Federal Budget delivered in Canberra

In brief

  • The Federal Budget 2018 was handed down in Canberra on Tuesday 8 May 2018
  • 7-year personal tax cut plan, R&D shakeup and instant asset write off extension announced
  • While major tax reform missed out again, Australia may see an early return to surplus

Tax Leader Australia Michael Croker and Superannuation Leader Tony Negline participated in this year's budget lock-up.

This year’s Federal Budget announced a new Low and Middle Income Tax Offset (LMTO). Tax Leader Michael Croker’s budget commentary explains how to prepare for questions from your clients. This year’s budget also announced that the ATO will get more money for individual tax compliance activities. Accountants are now on notice to review their compliance and risk procedures. Michael Croker also observed that the Division 7A announcement is a ticking time bomb for private companies.

Superannuation Leader Tony Negline’s policy analysis covers the range of small adjustments to the superannuation system in this year’s budget.  Tony comments that the budget announcement on triennial SMSF audits will have a big impact on our members who are specialist SMSF auditors. He also questions whether the Federal Budget work test concession for those with a lower balance super overly complicates the post 65 super contribution rules. We welcome the government’s commendable announcements on a range of measures to help those with lower super balances.

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