Extend the $20,000 immediate write-off for depreciable assets for businesses with an turnover of less than $10 million to 30 June 2018
Limiting plant and equipment depreciation deductions to outlays actually incurred by investors in residential properties from 9 May 2017. Investors who purchase plant and equipment for their residential investment property will be able to claim depreciation over the effective life of the asset. However, subsequent owners of the property will be unable to claim depreciation deductions for plant and equipment purchased by a previous owner of that property
No deduction will be allowed for travel expenses relating to inspecting, maintaining or collecting rent for a residential investment property from 1 July 2017
Increase the Medicare levy from 2% to 2.5% from 1 July 2019
First homebuyers will be able to make voluntary superannuation contributions of up to $15,000 per year and $30,000 in total from 1 July 2017. Concessional contributions and earnings on contributions will be taxed at 15% in the fund. Contributions and associated earnings can be withdrawn for a first home deposit from 1 July 2018 onwards. Concessional contributions and earnings that are withdrawn will be taxed at the taxpayer's marginal rate less a 30% offset.
Individuals aged 65 and over will be allowed to make a non-concessional contribution to superannuation of up to $300,000 from the proceeds of selling their home.
The Taxable Payments Reporting System will be extended to contractors in the Courier and Cleaning industries from 1 July 2018
From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions will be required to remit the GST directly to the ATO as part of settlement
From 9 May 2017, foreign residents will be denied access to the CGT main residence exemption
Foreign owners of residential property will be charged at least $5,000 per year if their property is not occupied or genuinely available for rent for at least six months per year
Foreign ownership in new property developments will be capped at 50% from 9 May 2017
The CGT discount will be increased from 50% to 60% for investors in affordable housing
The HECS and HELP repayment threshold will decrease to $42,000 with a 1% repayment rate from 1 July 2018. The threshold is currently $55,874 with a minimum 4% repayment rate.