09 Apr Budget 2019 – What’s in it for me?
Budget 2019 – What’s in it for me?
Why? Tax cuts!
The biggest cuts will affect the 4.5 million taxpayers earning between $48,000 and $90,000 a year. Those taxpayers may get a cut of $1,080.
For those earning between $37,001 and $47,999, they may get a cut of between $255 and $1,080.
Those earning less than $37,000 may get cuts of up to $255.
But those making between $90,001 and $126,000 will be on a sliding scale from $1,080 to $0.
Those making more than $126,000 won’t get a new tax cut for the 2018/19 year.
The tax rate has been lowered to 27.5 percent for next year, dropping down to 25 percent for 2021-22.
The budget also increases and expands the instant asset write-off for Small business, to $30,000 up from $25,000, effective 2 April 2019.
Medium-sized business can now access the instant asset write-off for eligible assets installed and ready for use from 2 April 2019.
The government has also announced a $525 skills package to create 80,000 new apprenticeships.
Your tax planning for the coming year needs to consider these changes in order to maximise the benefits to you.
Call us now to discuss the specific opportunities available for growing your wealth.