The 2019 Federal Budget was as predicted, a pre-election budget designed to sway the Australian electorate and persuade the deficiency in the polls. Its broad appeal ensures it offends few in the Australian community. Of course, whoever wins the upcoming election will determine whether or not the proposed measures will go ahead.
Key details include:
- Income tax cuts for low and middle income tax earners;
- Increase in Medicare low income threshold - $21,980 to $22,398 for singles and from $37,089 to $37,794 for families;
- Expansion on the instant asset write-off (to $30,000) to include medium sized businesses;
- Deferred start date for the modified operation of Division 7A – 1 July 2020;
- $42.1 million over 4 years for on-time payment of Superannuation for larger businesses and high net worth individuals;
- $61 million over 3 years for to support Australian businesses to export Australian goods and services;
- $9.2 million over 4 years to address sham contracting behaviour;
- Expansion of Single Touch Payroll;
- Increased flexibility for 65 and 66 year olds to top up their super;
- $606.7 million over 5 years to facilitate the Government’s response to the Royal Commission;
- $320 million for a one-off increase to the basic subsidy for residential aged care recipients.
While this is a general overview of the budget, our next step at Altus is to make a start on your Annual Tax Planning.
Have you had your Tax Planning Meeting … or as we call it, Annual Planning Meeting?
DOWNLOAD YOUR COPY HERE
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