The Government has been busy securing international tax and trade agreements. We note these as Australia’s role in the region, security, and export markets rely on these agreements. Australia-Israel Tax Treaty The Government signed the…
$1bn ATO ‘sugar hit’ to tackle large corporates and high net wealth individuals Date of effect From 2019-20 The Government will provide $1bn over four years from 2019-20, including $6.5 million in capital funding, to…
Instant asset write-off increased to $30k and expanded to businesses under $50m Date of effect 7:30pm (AEDT) on 2 April 2019 to 30 June 2020 The threshold for the popular $20,000 instant asset write-off will…
Superannuation ‘work test’ watered down & age limit for spouse contributions increased Date of effect 1 July 2020 As previously announced, from 1 July 2020, Australians aged 65 and 66 will be able to make…
Personal income tax cuts As anticipated, the Budget celebrated the surplus with a $19.5bn package of personal income tax cuts for Australian residents. This package revises the legislated seven year income tax plan. The personal…
This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A…
Person Income Tax Cuts The anticipated personal income tax cuts will be delivered as part of a seven year plan culminating in the removal of one tax bracket from 1 July 2024. The Government states…
New Infrastructure Projects $75 billion has been set aside for transport infrastructure including $24.5 billion in new projects. New projects include: Roads of Strategic Importance: $3.5 billion, including $1.5 billion for Northern Australia Package, $400…
The Government is very keen to push its economic credibility in this Budget - to the point that the Budget website is very glossy with a lot of ‘good news’ messages: An economy in its…
$1bn National Housing Infrastructure Facility established A $1 billion National Housing Infrastructure Facility will be established to provide financial assistance to local government from 2018‑19 for infrastructure that supports new housing, particularly affordable housing. The…
