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;…read more →
The threshold for the popular $20,000 instant asset write-off is set to increase to $30,000* from Budget night until 30 June 2020. After this time it may (potentially) return to its original $1,000 level on 1 July 2020, although we note that the threshold has been at or above $20,000 since 12 May 2015. The Government had previously announced an…read more →
Personal Tax Cuts The Budget celebrated the surplus with a $19.5 billion package of personal income tax cuts for Australian residents. (Note: This package revises the legislated seven year income tax plan). The personal tax changes result in a tax saving of $855 for someone on an annual taxable income of $45,000 per annum until 2022, then $1,080 until 2024…read more →