This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment.
The Government has also stated that it will keep taxes as a share of GDP within the 23.9% cap.
Budget 2019-20 Highlights:
- Personal tax cuts - $19.5bn package of personal income tax cuts
- Small business – Instant asset write-off increased to $30k and expanded to businesses under $50m
- Infrastructure - $100bn in infrastructure projects across all States and Territories
- Regulators - $1bn ATO task force funding targeting multi-nationals and high net worth individuals
All measures, of course, are reliant on the relevant legislation passing Parliament which is by no means a given with an election looming.
If we can assist with any additional information, please contact our office on 5592 3644 and speak with your Accountant