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Federal Budget Update

Federal Budget Update

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:

  • An $11 billion surplus in 2020/21;
  • $17.8 billion in 2021/22; and
  • $9.2 billion in 2022/23

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:

  • Personal tax cuts representing a total $19.5 billion package
  • The instant asset write-off increased to $30,000 and expanded to businesses under $50 million
  • Spending on infrastructure projects across all States and Territories
  • Allocation of $1 billion to an Australian Taxation Office (ATO) task force funding targeting multi-nationals and high net worth individuals.

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.

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