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Mr Scott Morrison, the Federal Treasurer, has handed down his second Budget (the government’s first of its three-year term). Mr Morrison said the Budget is focused on boosting the economy and households, so that ‘‘we live within our means and are able to return the Budget to balance in 2020/21’’.
The full Budget papers are available at www.budget.gov.au and the Treasury ministers’ media releases are available at ministers.treasury.gov.au.
The highlights about small business and GST are set out below.
● Access to the small business CGT concessions will be tightened from 1 July 2017 to deny eligibility for assets which are unrelated to the small business.
● The $20,000 instant asset write-off for small business will be extended by 12 months to 30 June 2018, for businesses with an aggregated annual turnover of less than$10m.
● Purchasers of new residential properties or new subdivisions will be required to remit the GST directly to the ATO as part of settlement from 1 July 2018.
● The GST treatment of digital currency
(such as Bitcoin) will be aligned with that of money from 1 July 2017.
● Access to diplomatic and consular concessions under the Indirect Tax Concession Scheme has been extended.