The 2019-2020 Federal Budget (Budget) has been delivered with Treasurer Josh Frydenburg announcing a ‘back in the black’ Budget, supporting a stronger economy and secure future for Australia.
In an election Budget, the Treasurer announced the first Budget surplus in more than a decade at $7.1 billion for 2019-20. The Government predicts surpluses over the next four years totaling $45 billion, with the economy forecast to grow by 2.75% by 2021.
The Budget promises a boost to personal income tax cuts, small business tax concessions and large infrastructure spending aimed at easing congestion in the cities. The large focus on the black economy continues to ensure taxpayers and businesses comply with their tax obligations.
We have summarised the key budget highlights and outlined the changes announced in our Federal Budget Summary. From a business perspective, we can expect:
- Small business instant asset write-off extended and increased to $30,000
- Increased regulator and compliance funding
- Boost to infrastructure spending
- Skills package for apprenticeship incentives
- Superannuation sweetener.
If you have any questions in relation to the Budget and how it affects you, please contact our office on 03 5443 0344 or via firstname.lastname@example.org
A great summary on the Budget announcements. For 2019/20 the Government is lowering taxes and increased spending with a focus on low/middle income earners, small business, senior Australians and transport infrastructure.