The 2019 -20 Federal Budget is set to be handed down by Treasurer Josh Frydenberg on April 2, 2019. This is Frydenberg’s first Budget and the current Coalition Government’s third since the last (2016) federal election. With a federal election expected in early May, this Budget may well make or break the Coalitions chances of being re-elected.
The Mid-Year Economic and Fiscal Outlook (MYEO) forecast the Budget to be in surplus ($4.1 billion) for the first time in a decade. Therefore, we can expect to see Frydenberg hand down some Budget sweeteners, in the way of a stimulus package to the value of $6 billion, as well bringing forward the legislated planned tax cuts for 2020.
The Budget announcement will also challenge some of opposition Labor’s proposed changes, such as those on negative gearing and franking credits.
It’s predicted there will be a strong focus on greater integrity in the tax system at both ends of the spectrum, with targeted measures and amendments for multi-national corporations and individuals.
William Buck’s tax team will be working through the night of the Budget to provide an up-to-the-minute report, delivered in the morning.
Our experts across all our service-lines including tax, superannuation, wealth advisory, business advisory, corporate advisory, audit and assurance and business recovery, will also be ready to provide expert commentary on significant matters for small-to-medium enterprises and individuals arising from the Budget.
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