The Budget provides more funding to the ATO’s Tax Avoidance Taskforce with a focus on unpaid tax and superannuation by large businesses and high wealth individuals. A dedicated sham contracting unit will also be created within the Fair Work Ombudsman to address sham contracting.
The Budget did not contain major changes to indirect taxes but announced a small change to the luxury car tax for farmers and tourism operators. The Budget also proposed measures to counter the black economy through more stringent (annual) ABN eligibility rules.
The Government has again announced superannuation changes in this year’s Budget, which are broadly positive in nature and aimed at increasing contribution opportunities for individuals between the ages of 65 and 74.
After years of significant amendments to international tax provisions, this year’s budget is relatively quiet from an international perspective.
The Government has heeded concerns and delayed the start date of Division 7A changes for 12 months.
The Government has announced measures that seek to build on previously legislated changes to reduce personal income tax over the next six years.
The Federal Budget 2019-20 was released at 7.30pm AEDT last night. Delivered by Josh Frydenberg, the pre-election Budget detailed the Federal Government’s policy plans for the year ahead.
The Government has announced an expansion of the instant asset write-off threshold from $25,000 to $30,000, with medium-sized businesses (with a turnover of up to $50m) now also qualifying. Further, additional funding of $60 million will be provided over three years for small and medium enterprises to support Australian exports.
Stricter lending standards, regulatory pressures and changing consumer sentiment have dampened the property sector over the last few years. As the property sector has softened, buyers have become more discerning around the purchase of property, especially apartments, with some buyers delaying settlements. This is causing significant cash flow challenges to developers and others in the property sector.
The Labor Party is proposing to abolish franking credit refunds. Why are the changes being proposed? How will this impact investment portfolios? What is the potential loss from the abolition of franking credits? We answer these questions and more below.
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