Federal Election Announced & Confirmed Budget Changes

The Field Group - Accountants & Business Advisors > Blog > Federal Election Announced & Confirmed Budget Changes

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.

This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances.  While The Field Group believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the corporations Act 2001.

About the author

The Field Group is composed of experts in the fields of Xero accounting, personal tax, self-managed superannuation, audit services, business services, bookkeeping, bench marking, business structuring and ATO Compliance. Based in Melbourne, The Field Group are also able to work with clients all over Australia and are the market leader for accounting services in the Ringwood, Croydon, Chirnside Park, Lilydale and general Melbourne eastern suburb region.

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