Restoring Our Nations Finances - A look at the latest Federal Budget for Business

A look into the 2019 Federal Budget

Restoring Our Nations Finances - Back in the Black. A Quick Look at the latest Federal Budget.

Mr Josh Frydenberg, the Federal Treasurer handed down the 2019/20 Federal Budget this week announcing a budget surplus of $7.1b.

Per Mr Frydenberg, the budget is focused on further strengthening the economy to create more jobs and "guaranteeing essential services".

Some Key Takeaways from the Budget for our Business Clients;

• The instant asset write-off threshold for businesses with an aggregated turnover of less than $10 million will be increased to $30,000 for eligible assets that are first used, or installed ready for use, from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020.

• Businesses with an aggregated turnover of $10 million or more but less than $50 million will be able to immediately deduct purchases of eligible assets costing less than $30,000 that are first used, or installed ready for use, from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020.

• An income tax exemption will be provided for qualifying grants made to primary producers, small businesses and non-profit organisations affected by the North Queensland floods.

• For vehicles acquired on or after 1 July 2019, eligible primary producers and tourism operators will be able to apply for a refund of any luxury car tax paid, up to a maximum of $10,000.

• From 1 July 2019, net income generated from the forced sale of livestock will be exempted from Farm Household Allowance (FHA) payment assessment, when that income is invested into a farm management deposit.

• Single Touch Payroll reports lodged by employers will be shared with social security agencies from 1 July 2020

There are a number of summaries for business owners looking to get their head around what the budget might mean for them, without having to wade through the entire budget.

Our top picks below:
NSW Business Chamber Summary
CPA Budget Highlights
Vincents Federal Budget Report

If you are unsure if any of the budget changes will affect your business and you would like to further clarify if you're affected, please Contact one of our friendly staff or your dedicated Client Service Manager who will be more than happy to discuss possible changes with you.

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