It’s now one week after the Budget was released, and in hindsight there were very few changes that affect most Australians.
Apart from the promised phased personal income tax cuts and the “overhaul” of the R&D tax incentive, the 2018 Federal Budget did not contain many measures that resembled significant tax reform.
This may be the last budget before next federal election and major tax reform may be deferred until the next parliament. The Budget did however contain a number of changes and tweaks to existing tax rules including several changes targeting businesses and individuals operating in the “black economy”.