Federal Budget 2019 Tax and Accounting Overview
3rd April 2019
The 2019 Federal Budget was handed down last night and it's an interesting situation we find ourselves in. With a Federal Election pending and a potential change in government it would appear that Scott Morrison and Josh Frydenberg's first budget is one to go to an election with.
The key points include:
- Returning the budget to surplus
- Tax cuts for low and middle income earners
- Expanding the instant asset write off for businesses
- Investing infrastructure
The interesting thing is even if these are great potential policies will they ever become reality?
The Labor Party election policies have been well published and are based on significant changes as announced to current tax system. In particular changes to:
- Refund of Franking credits
- Changes to Negative Gearing
- Reducing the Capital Gains Tax Discount
- Taxation of Trusts
Click on the link below to read the Federal Budget - Tax and Accounting Overview.
For any further information or questions please contact your accountant or adviser.
For more information download this document