Australia's Federal Budget 2019-20 | A middle market perspective
The Australian Federal Budget 2019-20 was released on 2 April 2019, detailed the Federal Government's policy plans for the year ahead.
Pitcher Partner's highlights some of the key impacts for businesses and stakeholders across Australia:
- A 20% increase in the immediate asset write-off to $30,000 for businesses that turnover less than $50m
- A six-year staged reduction in the marginal tax rate from 32.5% to more closely align with the corporate tax rate, which is hoped to stimulate consumer spending
- A low-income taxpayer’s receipt of $1,080 per individual (or $2,160 for dual income families) from an increase in the low-income offset for individuals
- Stimulation of activity in the infrastructure construction sector
A detailed analysis of the Budget and the specific impact to individuals and middle-market businesses can be found here.