Budget Breakdown and April News

This year¹s federal budget has a few sweeteners, which was to be expected with the next federal election only about a month away and the Coalition Government trying to make up ground in the polls. The welcome news is the forecast return to surplus for the 2019-20 fiscal year.

Also note that proposed changes to Division 7A will be deferred from 1 July 2019 to 1 July 2020, and that there are some useful changes to superannuation that will benefit older pre-retirees.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Working from home, while always an option, has become more viable as technology has developed to enhance connectivity. The ATO is fully on-board with regard to work-related deductions for working from home, but of course has set certain parameters for making claims.

Business success can pivot on the quality of staff, so ensuring they are knowledgeable and efficient through further training can be a worthwhile effort. There could also be a tax deduction for the business.

We also look at deductions for certain interest expenses, claims for donations, and where smaller employers stand with regard to singe touch payroll.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.