The Federal Budget handed down last night has attracted a great deal of interest but principally because it is a pre-election budget and the first for both Treasurer Scott Morrison and Prime Minister Malcolm Turnbull.
Like all budgets, many of the measures were either announced or signaled prior. However, there were a few surprises, particular around some of the superannuation changes and small business tax cuts and the substantially increased turnover threshold for classification as a small business.
Our synopsis highlights most of the proposed changes based on information available to date but as normal the devil is always in the details as we await further analysis of the legislation.
It is worth noting now that 1 July 2017 (being then 2017/18 financial year) is earmarked as the major date for many of the proposed reforms.
Please feel free to contact us to discuss any of the measures and how they may affect you or your business.
Click here for our full summary of the Budget.
