2018 Federal Budget Newsletter-May-2018

Here it is! What to expect in the coming financial year – personal and business taxes, superannuation, health and aged care, infrastructure and ATO compliance activity.

The $20,000 immediate asset deduction is here to stay for another 12 months. Make sure you get invoices with ABN’s from contractors and withhold tax from wages, or your business won’t be able to claim a deduction. The licensing structures for actors and other high profile individuals need review as they will no longer be able to licence their fame or image to a company or trust.

The Australia Council for the Arts is neglected in this budget. Esther Anatolis from NAVA provides a response to the measures for arts and culture – here.

Please contact us for further information when the dust settles after the 15 May annual tax deadline.