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Budget Time 2017

Budget Time 2017

 

Personal Tax

  • 2% budget deficit levy on incomes greater than $180,000 will not be extended, and will cease in the 2016-17 financial year.
  • The tax rates for the 2017-17 and 2017-18 financial years have not changed.
  • Current Low Income Tax Offset rates have not changed.
  • The Medicare levy will increase from 2% to 2.5% from 1 July 2019 to ensure that the National Disability Insurance Scheme is fully funded, and to guarantee Medicare.
  • Low -income earners will continue to receive relief from the Medicare levy through the low-income thresholds for singles, families, seniors and pensioners.
  • From 1 July 2018, the minimum repayment threshold for HELP will be $42,000, with a lower repayment amount of 1% and minimum repayment threshold will increase with CPI indexation from 1 July 2019.
  • From 1 July 2018, the Government will implement a consistent 30 cents in the dollar income test taper for Family Tax Benefit Part A families with a household income in excess of $94,316. This will ensure that higher income families are subject to the same income test taper rates.
  • While talk of allowing individual taxpayers a standard tax deduction for work-related expenses has been around for some time, the budget was silent on this proposal so nothing to see here.
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Sunday, 25 June 2017

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