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2019 Federal Budget

The budget was brought on early this year due to the impending Federal election set down for May 18.

Now that the dust has settled, we thought we would highlight some of the more pertinent outcomes (assuming they pass into law) from the April budget:-


• The Government has forecast a surplus of $7.1 billion

Income Tax

• Instant asset write off for small and medium business entities has been lifted to $30,000 for assets purchased from 2 April, 2019 (post budget) to 30 June, 2020. This is an increase from the $25,000 from 28 January 2019 and the existing $20,000 current from 1 July 2018 to 27 January 2019.

• Lower tax rates for low income earners. The tax offset available to taxpayers earning less than $37,000 will increase from the base amount from $200 to $255 per annum.

• Middle income earners will see an increase in the tax offset from $530 to $1,080.

• The 32.5% tax rate will be extended from $87,000 to $90,000.

• Disaster relief payments – payments and grants made as a result of the flooding in North Queensland are exempt from taxation

ABN Details

• ABN holders will be required to confirm their details annually from 1 July 2022


• The work test is being removed for contributions made by 65 and 66 year olds

• Spouse contributions will be able to be made for 70 to 74 year olds

Luxury Car Tax

• Eligible primary producers and tourism operators will be able to apply for a refund of luxury car tax paid up to a maximum of $10,000.

Energy Assistance Payment

• There will be a one-off Energy Assistance Payment of $75 for singles and $62.50 for each member of a couple who receive a qualifying pension, disability payment or Family Tax Benefit.

HELP Debt for Teachers in Remote Communities

• To encourage teachers to work in remote centres, the HELP debt of those who take a four-year placement will be extinguished

As previously mentioned, quite a bit of this is not yet law and will be dependent on the current Government retaining power by winning the upcoming election. 

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