Federal Budget 2019: What it means for you

 

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The Federal Treasurer, the Hon. Josh Frydenberg MP, delivered the 2019 Federal Budget on 2 April 2019.

As widely predicted, the announcement included a range of tax cuts for both individuals and businesses. The Treasurer also announced increased funding for regulators to encourage tax and superannuation compliance, a number of positive changes to superannuation, and an affirmation of previously announced aged care measures.

Click here to read the full article covering the key issues of most interest, as published by via our Partner Firm, Watson & Sons Advisory Including: 

Personal Income Tax

  • Increases in the low and middle income tax offset to apply in 2018-19
  • Other Tax benefits (tax rates/ thresholds and low income tax offset changes) to commence in 2022-23 and later income years.

Business Owners

  • Extension of the provision allowing small businesses to instantly write-off asset purchases
  • Further Consultation on Division 7A reforms.

Superannuation

  • Work test changes
  • Spouse Contributions
  • Bring-Forward of the NCC Cap
  • Tax Relief for merging Superannuation Funds
  • ECPI administration simplification

Social Security

  • Energy Assistance Payment

Aged Care

Improving the quality, safety and accessibility of aged cared services.

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