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2017 Budget Recap

Article By Jeff Little | | Accounting & Tax
This month we saw Scott Morrison present his second federal budget as treasurer, announcing few “big ticket” changes to taxation. In response, the Opposition have indicated they will not support:

– an increase to medicare levy for Australians earning under $87,000
– the first home super saver scheme
– removal of the 2% budget repair levy for Australians earning over $180,000

We expect some compromise may be required in relation to the proposed changes to medicare levy and the first home super save scheme. Stopping the removal of the budget repair levy will be a difficult task for the Opposition as the levy is already legislated to cease on 30 June 2017.

So what were the key Budget tax announcements? Relive the action of our 2017 Federal Budget article here.