Last week, the 2019/20 Australian Federal Budget was announced. In the new Financial Year, the government is predicting a return to surplus of just over $7 billion. Along with a potential surplus increase, the Government will put a focus on lowering taxes and increasing spending for low/middle-income earners, small business, Senior Australians and transport infrastructure.

Below are some other key takeaways from the announcements;

  • More than doubling low and middle-income tax offset in 2018/19
  • Instant asset write-off increased to $30,000 and expanded for business up to $50 million turnover
  • $1 billion over 4 years to for ATO crackdown on multi-national tax avoidance
  • Additional $800,000 over 3 years to improve audit quality
  • $3.5 billion climate solutions package to deliver Australia’s 2030 climate commitments
  • $6.3 billion in drought support and new $3.9 billion emergency response fund
  • Superfund Actuarial Certificate rules relaxed