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Budget 2017 analysis: A wrap of the key revenue measures for accountants and their clients

Several revenue measures have been introduced by federal treasurer Scott Morrison last night, and they have a direct impact on Australian businesses and taxpayers.

Tax&Compliance Thomson Reuters 10 May 2017
— 1 minute read

The major revenue measures announced in the budget included:

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- a new major bank levy from 1 July 2017 for ADIs with licensed entity liabilities of at least $100 billion;

- the instant asset write-off ($20,000 threshold) for small business entities (SBEs) will be extended by 12 months to 30 June 2018;

- the small business CGT concessions will be restricted to assets used in a small business or ownership interests in a small business from 1 July 2017;

- the multinational anti-avoidance law (MAAL) will be amended to negate the use of foreign trusts and partnerships in corporate structures effective from 1 January 2016;

- additional ATO funding for black economy audit and compliance programs;

- changes to the GST treatment of digital currencies (from 1 July 2017) and changes for payments on sales of new residential premises (from 1 July 2018);
the Medicare levy will be increased by 0.5 per cent to 2.5 per cent from 1 July 2019; and

- faster higher education repayment and threshold changes from 1 July 2018

This piece is brought to you by Thomson Reuters. For a comprehensive analysis of these and other budgetary measures, click here for your free report.

 

Budget 2017 analysis: A wrap of the key revenue measures for accountants and their clients
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Tax&Compliance