30 June will be here before we know it. Learn how our expert tax planning advice can help you reduce tax and increase your wealth at the same time.

SMALL BUSINESS

Small business $20k instant asset write-off extended for second year. Businesses with a turnover of up to $50m will receive a company tax cut. Annual temporary work visa levy of $1,200 or $1,800 per worker a year and one-off permanent skilled visa levy of $3,000 or $5,000.

BIG BUSINESS 

Extra funding for the tax office’s taskforce charged with clawing back $15b from black economy. “Google tax” expected to raise more than $4b from big business and multinationals. Banks subject to bigger fines of $50m – $200m for serious misconduct. Six basis point levy on the five largest banks, raising $6.2b over the budget and forward estimates.

Annual temporary work visa levy of $1,200 or $1,800 per worker a year and one-off permanent skilled visa levy of $3,000 or $5,000. $130m annual licence fee for broadcasters will be scrapped in favour of a $40m spectrum fee.
Repealing the 75 per cent reach and cross-media ownership laws.

HOUSING

First-home buyers can salary sacrifice for deposit from pre-tax pay. Retirees who sell family home can add non-concessional $300k into super. “Ghost tax” of up to $5,000 for foreign buyers who leave homes empty. Community housing associations can borrow money at lower rates of interest. Increase captial gains discount by 60 per cent for investments in affordable housing. $1b to fund deals within cities to develop urban areas.

FAMILIES

GP medicare rebate to be lifted from $37 a visit, costing $2.2b over 4 years. Medicare levy to be raised by 0.5 percentage points in two years time. One-off energy payments for pensioners ($75 for singles, $125 couples). Almost $430m to support universal access to pre-school for all four year olds. $5.5m vaccination campaign. Family Tax Benefit A payments reduced by $28 a fortnight from July for children who aren’t fully immunised. Expanding ParentsNext program to help young parents get jobs. $3.4m over two years to expand Specialist Domestic Violence Units. Extra $2.2b over four years for schools.