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The Budget says that $8.2 billion to be raised over the four year Forward Estimates by increasing the existing Medicare levy on all incomes will be used to fund the National Disability Insurance Scheme (NDIS) and for funding Medicare.

The Government will consolidate seven working age payments into a single Jobseeker payment.

The changes reflect the recommendations of the 2015 McClure welfare reform report.

The Government announced a number of Budget measures to address housing affordability and homelessness.

But in his Budget speech the Treasurer Scott Morrison said, “There are no silver bullets to make housing more affordable. But by adopting a comprehensive approach, by working together, by understanding the spectrum of housing needs, we can make a difference. “

Downsizing superannuation concession

The Government will encourage older Australians to free up housing stock by enabling downsizers over the age of 65 to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.

The Budget will raise $8.2 billion over the four year Forward Estimates by increasing the existing Medicare levy across all incomes

The main business tax measure which the Government announced in the Budget is a levy on all major banks from 1 July 2017, which will raise $1.6 b billion a year. The levy will be calculated quarterly as 0.015 per cent of a bank’s liabilities. The levy will raise $6.2 billion over the forward estimates.

As foreshadowed by Treasurer Scott Morrison the week before the Budget this year’s Budget highlights the net operating balance alongside the underlying cash balance to reflect those Government payments which contribute to recurrent expenditure.

2017 BUDGET OVERVIEW

Wednesday, 10 May 2017

The Turnbull Government’s second Budget contains surprisingly large tax increases in the form of a rise in the Medicare Levy rate on all taxpayers except those on the lowest income and a new $1.6 billion a year special tax on the large banks.

The Budget jettisons billions in welfare ‘zombie measures’ and delivers a small surplus of $7.4 billion by 2020-21.

Accounting software provider Xero has launched a new advertising campaign championing bookkeepers as the “heroes” of small business.
Global online accounting software company Xero has launched the new nationwide campaign, in conjunction with marketing and media companies Emotive and Resolution Media.

FBT RETURN REQUIREMENTS

Saturday, 29 April 2017

The Australian Tax Office (ATO) has issued a reminder that businesses can only lodge their 2017 Fringe Benefits Tax (FBT) returns electronically through the Practitioner Lodgment Service (PLS).
From 2017 tax practitioners can only lodge clients' 2017 Fringe Benefits Tax (FBT) returns electronically through the Practitioner Lodgment Service (PLS).

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