2019 Budget Report
The 2019 Federal Budget has been released with numerous proposed changes in the Budget, many relating to personal income tax and small to medium sized business. Some key proposed changes are:
- Small and medium sized businesses will be able to immediately deduct purchases of eligible assets costing less than $30,000
- From 1 July 2022, the Low and Middle Income Tax Offset with be combined into a single Low Income Tax Offset and increasing to $700
- Personal Income Tax will experience reductions between now and 2024, including:
o From 1 July 2022, the upper threshold of the 19 per cent personal income tax bracket will increase to $45,000
o From 1 July 2024, the 37 per cent bracket will also be abolished
o From 1 July 2024, the 32.5 per cent marginal tax rate will be reduced to 30 per cent
If you are looking for a report to read up on the suggested changes and how they may affect you, we have found the CPA Australia report to be useful. Click here to review the CPA Australia 2019 Federal Budget report.
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