Budget 2018-19: What we know so far

Here’s what we know so far about Budget 2018-19….

Middle and low income tax cuts

No specifics yet but Treasurer Scott Morrison flagged income tax cuts for low and middle income earners saying, “…our priority is on delivering tax relief for low to middle income earners.”

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Film industry incentives

Intended date of effect From 2019-20

A Location Incentive will provide an increase to the Location Offset rate from 16.5 per cent to 30% for eligible large budget international productions that film in Australia from 1 July 2018. The $140 million Location Incentive will be delivered over four years from 2019-20.

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Tobacco duty an excise reform

Intended date of effect 1 July 2019

Importers will be required to pay all duty and tax liabilities when tobacco enters the country, rather than when it leaves a licensed warehouse and enters the domestic market. It will also be illegal to import tobacco without a permit. Additional resources are also being allocated to the ATO to upgrade excise systems.

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Tax carve out for craft brewers

Intended date of effect 1 July 2019

Increase to the amount beverage companies can claim back on their excise and extend the concessional draught beer excise rate to smaller kegs, typically used by craft brewers.

The alcohol excise refund scheme cap will increase from $30,000 a year to $100,000, from 1 July 2019 for all brewers and distillers.

Currently, draught beer sold in kegs exceeding 48 litres is taxed at lower rates compared with beer sold in smaller kegs. The reforms extend the concessional draught beer excise rates to kegs of 8 litres or more.

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Maximum members in an SMSF

Intended date of effect No timeframe provided

Maximum number of members in self-managed super funds will increase from four to six.

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SuperStream extended to include SMSF rollover

Intended date of effect No timeframe provided

SuperStream will be extended to include SMSF rollovers, allowing SMSF members to initiate and receive rollovers electronically between an APRA fund and their SMSF. 

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