Cruel and Nasty? Perhaps not but a Bit of a Let Down for an Election Year!
While I don't quite share this fellow's view of Scott Morrison or his budget, this one really was a bit of a let down. The biggest announcements and elector bribes are perhaps yet to come and no doubt we will hear more about those in the coming weeks as the election campaigning starts in earnest.
My biggest concern is for the changes to superannuation and how they might affect existing tax planning strategies immediately.
If you have a superannuation contribution strategy as part of your overall retirement and tax planning strategy then you MUST RECONSIDER YOUR STRATEGY to make sure you don't fall foul of the announcements made last Tuesday.
So What Does the Budget Really Mean for You?
We have summarised the key announcements below and have provided links to a more detailed commentary on each.
The small business turnover threshold is to be increased. This means more businesses will be entitled to access the small business tax concessions. These can be valuable concessions so we think this is a good thing.