The Balancing Act: An Inoffensive Budget? 

May 2017 | Federal Budget

There's a famous quote from John Lydgate that goes something like this: "You can please some of the people al of the time; you can please all people some of the time; but you can't please all people all of the time."

In his 2017-18 Federal Budget, Treasurer Scott Morrison has outlined what he's called a practical budget and it seems designed to please as many people as possible while – on the surface at least. Budget Night unveiled a series of measures that tackle the areas in focus for many Australians, such as:

• Gaps in health care
• First home ownership
• Foreign workers and foreign property ownership, 
• Investment
• Bank Accountability. 

There's also a well-placed $75 billion sugar hit in the form of funding for infrastructure projects.  Whilst some are saying it is a budget without the ideology of previous Coalition budgets, there are still some stings. 

So how will the budget impact you? 

• Extension of the $20,000 immediate deduction until 30 June 2018 
• Contractors in the courier and cleaning industries face greater compliance 
• Access to small business CGT concessions tightened
• Banks slugged with 'major bank levy'

Superannuation

• Super concessions for over 65s to downsize – up to $300,000 per member
• The ability for would-be first home owners to salary sacrifice into super to save a deposit

• An array of housing affordability measures including: a CGT discount increase to 60% for investments in affordable housing, and Managed Investment Trust investment opportunities in affordable housing
• Deductibility of investment property travel costs to end and restrictions on depreciation deductions 
• A series of restrictions on foreign property investments 

• Medicare levy increase to 2.5% from 1 July 2019
• Help with energy bills for some social security recipients
• Demerit system for jobseekers
• Budget repair levy ends June 30, 2017

• Business
• Superannuation
• Investors
• Individuals & Families