BUDGET 2019 - HIGHLIGHTS

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The Federal Budget was handed down this week with some of the Governments proposed changes as follows:

· Lower individual tax rates

· Increasing the low and middle income tax offset

· Instant asset write-off increased to $30k for eligible assets that are first used or installed ready for use between 2 April 2019 and 30 June 2020 to businesses with annual turnover of $10 million or more but less than $50 million

· Medicare levy low income thresholds for singles, families, seniors and pensioners will increase from the 2018-19 income year

· ABN holders will be required to lodge their tax return and confirm accuracy of their details on the ABR annually to retain their ABN status.

· Start date for amendments to Div 7A will be delayed by 12 months to 1 July 2020

Please contact our office if you would like to further discuss the proposed changes.