Four key changes in last night's 2019 Budget
Four key changes were announced in last night's budget as follows: Low and Middle Income Tax Offset If your income is less than $37,000 you will receive a tax offset of $445. If it is between this and $66,667 it will be a portion of the offset until $66,667 when you are not entitled to it at all. Extended $20,000 immediate tax write off Small businesses (less than $10m turnover) can continue to fully depreciate assets purchased for less than $20,000 until 3 June 2019. Deductions denied for vacant land You can not claim any expenses (such as interest) on vacant land. It becomes part of the cost base, until building construction has commenced. ATO increased audit activity The government has provided the ATO with an extra $130m to increase audit activity. Other changes There are many other changes including changes to Medicare Levy, Withholding tax deductibility of payments, Cash Payment Limits, expansion of contractor payment reporting, Superannuation changes, Div 7a changes etc. You should contact our office should you wish to learn more about the budget changes, or if you have any queries. We are here to support you and your business, so please do not hesitate to contact us on 9773 3647.