The Australian 2019 Federal Budget is out!
Last night Federal Treasurer Josh Frydenberg unveiled his first budget, setting out his plans for the management of the Australian economy. Check out our short 2 minute video to hear a few quick takeaways from this year’s budget release or scroll down further to find out what it means for you.
The Economy
- First Australian budget surplus in 12 years forecast for 2019/20 financial year (7.1 Billion), representing a turnaround of $55 billion from 2012 when the budget deficit was 45 Billion.
Corporate & Business
- Expansion of instant asset write-off to businesses with turnover of up to $50 million.
- Increase in instant asset write-off amount to $30,000, from $25,000.
- Doubling apprenticeship incentives for business to $8,000
Personal Tax
- Low and middle income tax offset will increase from $530 to up to $1,080 for singles (or up to $2,160 for couples) starting in 2018-19.
- The 32.5% threshold to be $45,001 to $120,000 from 2022-23, with the 19% bracket covering incomes from the tax-free threshold up to $45,000
Everything Else
- Introducing a requirement for income tax returns to be filed as a condition for keeping an ABN.
- $300 million in grants for the cattle industry to respond to recent floods, replacing livestock, infrastructure and replanting crops.
Winners
- Taxpayers
- Small/Medium Business
- Healthcare
- Infrastructure
- Agriculture
Losers
- Tax Dodgers
- Foreign Aid
- Multinationals
- Welfare cheaters
Click here to view the 2019-20 Budget Tax Tables.
Quantum Advisory is a business accounting and advisory firm that empowers family businesses to step up, scale up and sell up. Visit www.qagroup.com.au or call 1300 700 711 and start the journey.
