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:
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.
To find out more in the area which affects you, please click on the link below:
- 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.
To find out more in the area which affects you, please click on the link below:
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