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2019-20 Federal Budget
The 2019-20 Federal Budget was handed down last night, the first delivered by Treasurer Josh Frydenberg. The big headline is a forecast return to surplus for 2019-20 year for the first time in a decade. While there were, as always, a broad range of announcements across different sectors and interests, we are of course primarily interested here in those measures that specifically impact the world of tax and business. From that point of view, there is very little in the Budget to get excited about or even mention. Add to that the fact that almost all of these announcements are contingent on the Coalition winning the upcoming election, and it makes for a very uneventful Budget update.
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December 2018 Newsletter
With a Federal Election to be called next year, and a Labor victory looking increasingly likely after recent Coalition instability, we thought it would be worth taking a look at one of Labor's more divisive proposals - abolishing refunds of dividend imputation credits for those with no tax to pay. We look at why it's yet another regrettable shift in the superannuation goalposts for those planning for retirement. We also look at how fast-tracking the company tax rate cuts may actually cost small business more in tax, and also detail our Christmas closing times for this year.
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2018-19 Federal Budget
This year's Federal Budget - the third handed down by Treasurer Scott Morrison - is rightly being called an 'election' Budget. The flagship item is the measure to reduce personal tax rates and increase tax offsets for low and medium income earners. Beyond that, however, there's little for business owners to get excited, or agitated, about. There are still a few bright spots though. The Budget is predicted to return to a small surplus a year earlier than previously estimated (by 2019-20), and for the first time in a while, there are some logical, positive changes to superannuation fund management and compliance.
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