The much-anticipated Federal Budget night has come and gone – now all that’s left to do is dissect, and debate, every aspect of it! But that’s not what we’re going to do here, because who has time for that, right? Instead, we’ve compiled a summary of some of the key points that were worth mentioning.

Highlights:

• The $20,000 instant asset write-off for small businesses is extended for an extra year, until 1 July 2019
• Over 10 million low and middle-income earners will receive tax relief of up to $530 per year
• $24.5 billion of funding allocated to improve roads and rail projects across Australia
• Craft beer will be able to be purchased at a lower price, thanks to the removal of a tax that was previously implemented to provide relief to big breweries only
• Retirees can earn $300 per fortnight (previously $250) without it affecting their pension
• Big tech companies (Google, Facebook etc.) will be liable to pay more tax as the Government aims to crackdown on the digital space
• Cash payments over $10,000 will be made illegal – aimed at the black economy
• Trialling of cashless debit cards to remove welfare cheats, and spending welfare money on illicit substances
• The annual audit requirement for self-managed superannuation funds will be changed to a three-yearly requirement for funds with a good track record of compliance
• From 1 July 2019, overseas business selling accommodation in Australia will have to calculate, and be liable for GST, just like local businesses
• A new task force will be rolled out in a “cash crackdown” aimed at those hiding transactions and avoiding tax
• Investment of $26 million to launch (pun intended) Australia’s own space agency
• $62 million to boost maritime border security, aimed at illegal maritime activities and people smuggling

Of course, there are many other spends and cuts that came out of last night’s Federal Budget, many of which will be sure to be debated in the coming weeks. Hopefully the Government addressed some of your concerns!