{"id":14024,"date":"2019-04-05T07:25:57","date_gmt":"2019-04-04T19:55:57","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/federal-budget-report-2019-20\/"},"modified":"2020-11-27T18:15:14","modified_gmt":"2020-11-27T06:45:14","slug":"federal-budget-report-2019-20","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/federal-budget-report-2019-20\/","title":{"rendered":"Federal Budget Report 2019-20"},"content":{"rendered":"

What it means for you<\/span><\/h2>\n

The Federal Government\u2019s 2019-20 Budget, was released by Treasurer Josh Frydenberg on Tuesday 2 April 2019 and we take this opportunity \u00a0to provide our commentary to help you analyse some of the more relevant announcements that may impact you.<\/span><\/p>\n

This year\u2019s Budget was particularly interesting in that it sets out the Government\u2019s agenda as it heads to an imminent election.<\/span><\/h3>\n

While individual tax cuts got most of the headline attention, small business owners have been handed an investment boost, with the government set to <\/span>raise the threshold for the instant asset write-off to $30,000<\/span><\/a>. Additionally medium-sized businesses can now take up the measure as well, with the government casting the eligibility net wider by now allowing businesses with a turnover of up to $50 million to join in.<\/span><\/p>\n

Tax compliance was also a key feature with <\/span>$1 billion being handed to the ATO<\/span><\/a> over a 4 year period to extend the operation of the Tax Avoidance Taskforce. Accordingly, large businesses and high-net-wealth individuals can expect additional compliance activity from the Tax Office. Along those lines, the ATO will also receive another $42.1 million to recover unpaid tax and superannuation liabilities. It is understood that this funding boost will not extend to small businesses.<\/span><\/p>\n

Also the mooted changes to Division 7a relating to loans from private companies to associated individuals that was due to start 1 July 2019 have thankfully been deferred by 12 months to allow more industry consultation<\/span><\/p>\n

There\u2019s also plenty in the Budget for anyone who\u2019s retired (or planning retirement) to consider. We\u2019ve put together this report to make sure you don\u2019t miss any of the essential information.<\/span><\/p>\n

It\u2019s worth noting that these proposed measures aren\u2019t law yet \u2013 and may be subject to change.<\/span><\/p>\n

Summary<\/span><\/h2>\n

Superannuation<\/span><\/h3>\n