2019 Federal Budget: What can we expect?

Tim Lyford, Chair of Bentleys’ Tax specialist advisory group, shares his views on the likely outcomes of this year’s Federal Budget on Your Money.

2019 is a year of incredible disruptive change with multiple royal commissions, a federal election, and international political and trade instability. What impact, if any, will these factors have on the Federal Government’s reform agenda?

On federal budget night, 2 April 2019, we expect Treasurer Josh Frydenberg to confirm the $30 billion plus cumulative surplus that is likely to accrue between now and 2022. How will the Federal Government spend this surplus? Among his announcements we expect:

For individuals

  • Further tax benefits for lower income earners via an increase in the lower income tax offset.
  • Cash benefits for elderly Australians to help cover rising energy bills.
  • Family focused incentives, including more provision for women and children fleeing family violence.
  • No further changes to personal tax rates.

For businesses

  • Continued support for small to medium sized businesses.
  • Support for export businesses, particularly through the export development grant.
  • Further enhancements to Australia’s innovation agenda.
  • Further investment in infrastructure, and training and skills.

The Bentleys tax advisory group will convene on the night of the Federal Budget, 2 April 2019, to prepare a complete analysis for our clients and our community.

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