- 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
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.
Federal Budget tax bulletin
Read insights from Thomson Reuters in this special edition.
It's not a super focused budget but still plenty to consider
Federal Budget 2018 announces a lot of small adjustments to the superannuation system
Blogs, opinion and interviews
Strategic Tax Planning Day
Develop cutting edge tax strategies to help your clients come out on top come tax time. Access Strategic Tax Planning Day to get equipped with the tools to maintain your edge.Learn more
Feeling rich but unloved after budget night?
How Australia's top personal tax rate compares internationally
- Tax Time 2018 will give accountants a chance to compare impact of tax policies for clients
- Budget 2018: the pros and cons of the Federal Government's R&D initiatives
- Feeling rich, but unloved after Budget night?
- Low Income Super Balance Measures welcomed, but easier and cheaper solution available
- Government makes retirement planning slightly easier for retirees
- More funding for Tax Practitioners Board good. Review of tax regulatory environment would be better
- At last, a strategy to address the Black Economy. But all businesses have role to play.
- Exclusive budget poll reveals top priorities for Australians & calls for action on black economy
- Exclusive Ipsos poll reveals overwhelming support for tax cuts for individuals and business
- Resistance to change – the conundrum of our ageing population
- Perspectives on prosperity
- Public Debt and Deficits: designing a Framework for Australia's Future
2019 Federal Budget
Our full coverage of the Australian Federal Budget 2019-20Find out more