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Tax and Super – What You Need to Know From July 1, 2017


Each Federal Budget seems to put it’s own stamp on Australia’s superannuation and tax landscape – and the Budget of May 9, 2017 was no exception.

It is important to note that none of these changes will affect the outcome of your 2017 tax return, but should be factored into tax planning towards your 2018 tax return and beyond.

Some of the key tax changes announced included:

• Small business $20K instant asset write-off extended until 30 June 2018

• Temporary debt tax of 2% removed from high income earners

• GST now applies to digital products and services imported by consumers

• Levy on Major Banks introduced • Company tax rate of 27.5% now applies to all companies with an aggregated turnover of less than $25M (previous threshold was $10M)

• Limits introduced on plant & equipment deductions for residential property investors (not yet legislated)

• Residential property investors no longer able to claim travel expenses to inspect their properties (not yet legislated)

• First Home Saver Scheme begins (not yet legislated)

The superannuation reforms introduced included:

• Concessional (before tax) contribution cap reduced to $25,000 for everyone.

• Non concessional (after tax) contribution cap reduced to $100,000 for everyone

• Amount of superannuation that can be transferred to a tax free superannuation account limited to $1.6million. Any excess amounts transferred subject to a transfer balance tax.

• Spouse income threshold for accessing spouse contribution tax offset increased to $37,000, with partial offset available up to $40,000

• Threshold for claiming low income super tax offset increased to $37,000

• Income threshold at which high income earners will pay extra Division 293 tax on concessional contributions reduced to $250,000 (from $300,000)

For tax planning advice contact 07 33595244 or

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