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FEDERAL BUDGET - APRIL 2019

The Treasurer Josh Frydenberg's first budget has lots of goodies with few 'baddies'. This was to be expected with the next federal election only weeks away and the coalition Government trying to make up ground in the polls.

The Treasurer's "WOW" factor was a return to a budget surplus of $7.1 billion for the 2019-20 fiscal year.

           
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BUDGET 2019 INDIVIDUALS         

INDIVIDUAL TAX RELIEF VIA INCREASED LMITO

The previously proposed (and legislated) low and middle income tax offset (LMITO) will now be increased from a maximum amount of $530 to $1,080 a year for singles and the base amount will increase from $200 to $255 a year for the 2018-19, 2019-20,2020-2021 and 2021-22 income years.                                                        

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BUDGET 2019 BUSINESS

INSTANT ASSET WRITE OFF INCREASED AND EXPANDED

The instant asset write off threshold will be increased from $25,000 to $30,000 from Budget night to 30 June 2020. The threshold applies on a per asset basis. As a result, eligible businesses can instantly write off multiple assets costing less than $30,000 that are first used, or installed ready for use.

                        
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BUDGET 2019 SUPERANNUATION

REMOVAL OF WORK TEST FOR CERTAIN MEMBERS

The current superannuation work test will be removed for people aged 65 and 66 from 1 July 2020. This will enable an estimated 55,000 individuals to make concessional and non-concessional voluntary superannuation contributions even if they are not working. Under current rules, they can only make voluntary contributions if they meet the work test, which requires that they work a minimum of 40 hours over a 30 day period.                                                                                                   

         
Click here to download a pdf version of the newsletter to read the full article.