After the Coalition has been back in power after Federal election last week, CLY Tax Accountant Mooroolbark received lot of enquiries about tax impact, especially the Budget announced in 2019 April. Since the recent 2019/20 Federal Budget announcements, many of our clients have already begun asking us what it all means, how things will affect them and when things will be implemented.
The various areas of enquiries have been with the proposed changes to the personal income tax rates as well as the Low and Middle Income Tax Offset (LMITO), which would relieve low- and middle-income earners’ tax and increase disposable income. Others have queried proposed changes to the Medicare Levy whilst our Business Taxpayers have asked about the increase and expansion of the instant asset write-off and how to determine the threshold they sit in. We have noted a key focus of the announcements have been for small and medium sized businesses alike with an aggregated turnover of less than 50 million, to experience an increase in the instant asset write-off threshold from $20,000 to $30,000. If you are running a business in Mooroolbark, Chirnside Park or Lilydale including surrounding areas and seeking for accountant opinion, as Mooroolbark tax agent and accountant, we are more than happy to help.
The announcements surrounding the area of Superannuation contributions for older Australians have promised greater flexibility and opportunity. Of course, legislation needs to pass in order to support the various measures in the Budget, and some may not be legislated, however we’re here to help you be prepared. We have tax specialists serving different types of clients including individuals (sole trader), partnership, trust, company and Self Managed Super Fund (SMSF). Feel free to book an appointment with our CLY Tax Accountant Mooroolbark in either our Chirnside Park office to discuss what’s relevant to you or our business.