The Federal Budget 2019/20 announced on 2 April 2019 has been described as a prelude to the ballot box. The Budget targets an underlying cash surplus of $7.1 billion in 2019/20. This follows an estimated deficit of just $4.2 billion in 2018/19.
The Budget also sets out a surplus for the forward period including:
leading to the elimination of Government debt by 2029/30.
The budget offers short-term tax relief to low and middle income taxpayers and provides additional support for small business.
The 2019-20 Budget highlights include:
If we can assist with any additional information, please contact your Account Manager or phone us on 9560 3777.
All measures are, of course, reliant on the relevant legislation passing Parliament which is by no means a given with the election looming.