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2018-19 Federal Budget Summary From Www.hillross.com.au.pdf

May-2018_Hillross_Federal_Budget_Client_Summary.pdf

Preview of 2018-19 Federal Budget Summary From www.hillross.com.au

🔗 Source: hillross.com.au

📊 Size: 145 KB

👤 Author: kelemenl

⬇️ Downloads: 131

Summary

The 2018/19 Federal Budget proposes several changes, including:
1. Income tax cuts over seven years, with a new Low and Middle Income Tax Offset (LMITO) providing up to $530 per year for those earning up to $125,333.
2. Increases to the top income threshold of the 32.5% tax bracket from $87,000 to $90,000, and later to $120,000 and $200,000.
3. Removal of the 37% tax bracket from 1 July 2024.
4. Scrapping of the proposed Medicare levy increase, and increases to the thresholds at which the Medicare levy becomes payable.
5. Changes to superannuation, including:
- Allowing recent retirees to make voluntary contributions to their super for a year without meeting the work test.
- Allowing high-income earners to opt out of superannuation guarantee (SG) contributions.
- Changing insurance inside super to an opt-in basis for people under 25 or with low balances.
- Increasing the maximum number of allowable members in self-managed super funds (SMSFs) from four to six.
- Banning exit fees on all super funds and introducing a 3% annual cap on passive fees for members with balances below $6,000.

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Description

The 2018/19 Federal Budget proposes several changes, including:
1.

Technical Information

File Format: PDF
File Size: 145 KB
Pages: 6
Language: EN
Author: kelemenl
Total Downloads: 131
Last Updated: 4 weeks ago

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