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The announced Medicare levy increase does not start until July 2019 – after the next election.

As a result the details of the levy could be affected by the outcome of the next Federal election which is likely to be held before 18 May 2019.

The Budget announced that the Government will strengthen compliance with the GST law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the ATO as part of settlement rather than paying GST to the developer.

The change will take effect from 1 July 2018.

Despite the political debate in which the Coalition has strongly criticised Labor’s plans to wind back negative gearing concessions, the Government announced in the Budget a tightening of negative gearing deductions which together will raise an additional $800 million in tax revenue over four years.

The Government announced in the Budget that it would tighten the small business capital gains tax (CGT) concession to ensure that it can only be accessed in relation to assets used in a small business or ownership interests in a small business.

The taxable payments reporting system will be extended to contractors in the courier and cleaning industries from 1 July 2018

The measure will have effect from 1 July 2018 and the Budget estimates it will result in additional revenue collections of $318.0 million over four years.

The $20,000 instant asset write-off for small business will be extended by 12 months to 30 June 2018, for businesses with an annual turnover of less than $10m.

As a result of the passage of company tax changes in 2016 extending the definition of a small business to those with a turnover up to $10 million, the instant asset write-off now applies to businesses up to that level.

The Government’s lack of a majority in the Senate means that measures announced in the Budget are in most cases proposals only. Except in those cases where Labor or the Greens or 10 of the 12 cross-bench senators announce they will support a measure without amendment, the details of all measures will have to be negotiated, and could change.

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. “

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