The 2018 Federal Budget document outlines several tax changes and policy measures that will impact individuals, families, businesses, and the economy. Key points include immediate tax relief for low and middle-income earners, capping refundable research and development tax offsets at $4 million annually, extending the instant asset write-off for businesses, and protecting low superannuation balances. The budget aims to boost innovation, provide tax cuts for responsibility and affordability, and strengthen efforts to combat tax avoidance and the black economy.

1. - at a glance
Federal Budget 2018
Individuals & Families
Immediate tax relief for low and middle income earners
Innovation and R&D
Capping of refundable R&D tax offsets to
$4 million per annum
R&D tax offsets for larger companies to
be refocused to incentivise higher
intensity R&D
Increase in number of members allowed in an
SMSF from four to six
Super & Retirement
Measures to protect low superannuation
balances
Business
Instant asset write-off extended 12
months
Other measures
Stronger enforcement around tax and super debt
Deduction for passive holding of vacant land will
be denied
The 2018 Budget has
a focus on tax cut
"affordability" and
"responsibility".
What does this budget
mean to you?
Commitment to reduce company tax
rates for big business
Several measures to combat the black economy
Contact your Bentleys advisor to find out how you can
maximise the opportunities from the 2018 Federal Budget. www.bentleys.com.au
Increase in medicare levy scrapped
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