What was in the 2017 Federal Budget for you?
So what was in the 2017 Federal Budget for you?
There weren’t the nasty changes so often seen in a budget delivered in the first year of a new electoral term. There were even some welcome announcements – particularly in respect of the extension of the $20,000 instant asset write-off.
That all said, much of what appeared on TV and the press is simplistic and narrow further confused by useless political clap-trap from both parties.
We have published a briefing paper which sets out the important changes and includes tips thereon. You can make a request by e-mailing admin@mrsaccountants.com.au
We will be modifying our 2017 pre-year end checklist for businesses to take advantage of any opportunities and avoid any of the pitfalls where possible.
But whilst there may be only be minor adverse outcomes from this year’s budget, we remind you of the superannuation changes announced in last year’s budget which include:-
- From July 2017, the concessional contribution limit everyone will reduce to $25,000.
- From July 2017, the non-concessional contribution limit everyone will reduce to $180,000 and the three-year bring forward limit will reduce from $540,000 (for which there are tricky transitional rules).
- From July 2017, one will not be able make any further non-concessional contributions if their superannuation balance exceeds $1,600,000.
- From July 2017, one will be fined and forced to withdraw any pension balance in excess of $1,600,000. Those affected by these rules and who take action before July also have the option of nominating Capital Gains Tax relief on an asset by asset bases.
- From July 2017, income on transition to retirement pensions will be taxed.
These and other changes require many to take action both well before and after June and do so based on their individual circumstances. Many will also need to revisit their estate planning.
At MRS, we will spend today planning for your success tomorrow.
At MRS, we will spend today planning for your success.