Treasurer Josh Frydenberg has delivered his first Federal Budget ahead of the anticipated Federal election, and while it is designed to showcase a projected return to surplus (and by default the Government's economic credentials), it's also intended to engage voters with initiatives that make them feel more prosperous.
The Government has stated that it will keep taxes as a share of GDP within the 23.9% cap and all measures are, of course, reliant on relevant legislation passing Parliament – by no means a given with the election looming.
So what's in it for you and your business? Here are the Budget 2019-20 Highlights:
- Personal tax cuts - $19.5bn package of personal income tax cuts
- Small business - Instant asset write-off increased to $30k and expanded to businesses under $50m
- Infrastructure - $100bn in infrastructure projects across all States and Territories
- Regulators - $1bn ATO task force funding targeting multi-nationals and high net worth individuals
What is missing from the Budget is any word or statement on the previously announced measures that would deny non-residents access to the CGT main residence exemption.
Shadow Treasurer Chris Bowen recently released a media release calling on the Government to drop the "unfair ex-pat CGT changes." So, unless the Government returns from the election with a majority, these changes will not come to fruition.
If we can assist with what these measures might mean for you and your business, please contact Glenn or Matt on 02 9957 4033 or send the team an email with your enquiry.
Check out the links below for what the budget means for you:
Of course, until an election is won, we can't say which measures will come into play, however if you have concerns or questions about how these measures may impact you or your business, please contact us in 02 9957 4033.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.