Budget 2019 – What’s in it for me?

09 Apr Budget 2019 – What’s in it for me?

Budget 2019 – What’s in it for me?

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The Budget has come down and contains a number of features that should interest both individual and business taxpayers.

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.

Small Business

Also in line for a tax cut is Small and Medium-sized businesses (Size is determined by aggregate turnover of less than $10m for Small and more than $10m but less than $50m for Medium).

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.

Forsythes Business and Financial Advisors
info@forsythesadvisors.com.au
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