On 2 April 2019, the Treasurer, Mr Josh Frydenberg, presented the 2019-20 Federal Budget. The Budget reaffirmed the delivery of tax cuts to lower and middle income earners and promised significant spending on infrastructure, all with an expected Budget surplus in FY2020 of $7.1bn.
Businesses with turnovers up to $50m will get assistance from the increase in the immediate tax write off for assets acquired after Budget night to 30 June 2020 with a value up to $30,000.
But there is a catch. With the Federal election looming, and expected to be called within the week, the Budget announcements last night may be yesterday’s news if the Coalition is not re-elected in May. The Labor Party have already announced that should they form Government in May, it will hand down its own Budget, and many of the policy announcements made by Mr Frydenberg may never materialise….
Inside our 2019-20 Budget Report:
- 2019-20 Federal Budget Highlights
- Personal Tax Rates
- Tax Integrity & Superannuation
- Indirect Taxes
- Social Security & Other Measures