How will the 2019 Federal Budget effect me and my business?
Treasurer Josh Frydenberg’s main talking point was that this budget will bring us back to surplus.
Back in black, back on track.
Here are the most important bits:
Small/medium business asset write-off
- Increased up to $30,000 until 30 June 2020.
- Available for an increased turnover to $50 million.
Tax rates changing
- Current tax rates remain the same until 2022.
- From July 2022 – 19% threshold increases to $45K (this will be a saving of $1,080).
- From July 2022 – 32.5% threshold increases to $120K (this will be a saving of $1,350).
Medicare changes for Medical Professionals
- 119 GP Item numbers that are frozen will recommence indexation from 1 July 2019.
- X-ray and Ultrasound freeze will end 1July 2020.
Increased funding for STP
- ATO will share automatically with other entities such as Centrelink and Child Support.
- Increased funding for ATO chasing super & tax debts.
- More funding to investigate sham contracting arrangements.
- Cancelling ABN’s for entities that haven’t done a tax return.
- Annual confirmation of details of ABN holders.
As always, Shaun Farrugia has put together an easy to understand video:
Another point to remember is that this budget may or may not all be implemented depending on who wins the upcoming election.
So stay tuned.
If you’d like to get in contact with us with any specific questions, please feel free to call us on 03 8609 9226.
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