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The 2018 Federal Budget is here. As a result of Scott Morrison ’s 2017 Federal Budget, The National Tax & Accountants Association (NTAA) have announced the following tax and revenue changes:


2018 Federal Budget Recap:


Personal income tax measures


  • Limiting plant and equipment depreciation deductions to outlays actually incurred by investors – for residential investment properties acquired from Budget night on 9 May 2017
  • No deduction for travel expenses for residential rental properties


Medicare levy-related changes


  • Increasing the Medicare levy low-income thresholds
  • Increase in the Medicare levy from 1 July 2019


Measures affecting small businesses


  • Extending the $20,000 immediate write-off for small business
  • New integrity measure for the small business CGT concessions



  • First home superannuation saver scheme (FHSSS)
  • Limited recourse borrowing arrangements (‘LRBAs’)
  • Individuals aged 65 or over able to contribute the proceeds of downsizing into superannuation
  • Extending tax relief for merging superannuation funds
  • Integrity of non- arm’s length arrangements


Measures affecting the GST regime

  • Improving the integrity of GST on property transactions
  • Aligning the treatment of digital currency (e.g., bitcoin) with money


Measures affecting foreign investors

  • Measures applying from Budget Night on 9 May 2017 (a) CGT changes for foreign investors
    • Charge on foreign owners of underutilized residential property
    • Restricting foreign ownership in new developments to 50%
  • Measures applying from 1 July 2017
    • Changes to the Foreign Resident CGT Withholding (‘FRCGW’) regime
    • Streamlining and enhancing the foreign investment framework


Encouraging investment into affordable housing

  • Increased CGT discount for resident individuals investing in qualifying affordable housing
  • Affordable housing through Managed Investment Trusts (‘MITs’)


Black economy task force

  • Extension of the taxable payments reporting system to contractors in the courier and cleaning industries
  • One year extension of funding for ATO audit activities
  • Prohibition on sales suppression technology and software

  For further information, you can contact one of your specialists. For the full report please visit  NTAA’s 2017/18 Budget Summary  

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