Prime Minister Scott Morrison has announced that the Federal Election is to be held on Saturday 18 May. All Bills before Parliament have now lapsed, including Bills related to the superannuation guarantee amnesty and changes to capital gains tax for non-residents.
The Government has now entered caretaker mode and the incoming government will determine whether to re-introduce lapsed Bills and whether to progress announcements, exposure drafts and consultation papers.
The budget changes that did get through were the instant asset write-off changes which gives businesses with an annual turnover up to $50 million, the ability to immediately deduct the cost of assets costing less than $30,000 and the all important extension of the concessional rates of excise to brewers that supply draught beer in kegs or other containers that have a capacity of eight litres or more! So regardless of government we should continue to see craft breweries open up in every suburb.
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