2019 BUDGET - HOW WILL YOU BE IMPACTED?

Budget Night was 2 April 2019

Announcements made in the Federal Budget that could affect you and your family include:

• Immediate tax relief for low and middle income earners of up to $1,080 for singles or $2,160 for dual income families to ease cost of living
• Increasing instant asset write off to $30,000
  
• Expanding access of instant asset write off to medium sized businesses with annual turnover less than $50 million
• Target tax avoidance by multinationals
• Medicare levy low income thresholds for singles, families, seniors and pensioners increased for the 2018-2019 year (see table below):

	2017 - 2018	2018 – 2019
Singles	$21,908	$22,398
Families	$37,089	$37,794
Seniors and Pensioners – Single	$34,758	$35,418
Seniors and Pensioners - Family	$48,385	$49,304

• Vehicles acquired after 1 July 2019 by primary producers and tourism operators can apply for refund of luxury car tax up to $10,000
• More organisations added to the list of Deductible Gift Recipients (DGR)

For more information on the above visit:

https://www.budget.gov.au/

Please contact one of our accountants at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.