The Government will still proceed with its previously announced measure to allow SBEs an instant asset write-off for eligible assets costing less than $25,000 that are first used or installed ready for use from 29 January 2019 until 7.30pm (AEDT) on 2 April 2019.
The 2019-20 Federal Budget is designed to showcase the return to surplus (and by default the Government’s economic credentials) and engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment.
We’re not recommending who to vote for, but it’s important that you have an understanding of how these potential tax and other changes could affect you.
Over the last few months, several proposals have moved through the Federal Parliamentary Process and become enshrined in law.
The PM announced this week that the government will introduce legislation to increase the $20,000 instant asset write-off threshold to $25,000 from 29 January 2019 until 30 June 2020. (We’ll keep you posted as this proposal is not yet law.)
New immediate deduction for primary producers Legislation that passed Parliament last month will enable primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed. The deduction is available if the primary producer first uses the asset or has the asset…
