The 2019/20 Federal Budget was released by the Treasurer Josh Frydenberg on April 2, 2019. This pre-election budget detailed some significant tax measures including:
- An increase in the immediate asset write-off to $30,000 for businesses with turnover of less than $50m per annum;
- A six-year staged reduction in the marginal tax rate from 32.5% to more closely align with the corporate tax rate, which is hoped to stimulate consumer spending.
Government focus on business tax compliance also continues, with the Tax Office compliance programs receiving a funding boost of $1 billion. It is indisputable that those businesses rorting the system should be brought to account, however, increased ATO scrutiny of compliant small businesses will be disruptive and costly.
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