Context: There is an election coming within days. It is hard to rely on too many of the comments and promises.
The budget is a series of proposals and law has to be passed by parliament. This will not happen until after the election.
Likely election is 11 May.
All proposed law that hasn’t passed through parliament officially lapses when the election is called, so specifically the failed SG Amnesty will not see the light of day until after the election and by then the dates to lodge an amnesty form have passed so our view remains DO NOT expect the amnesty to be applied but DO get your SG up to date.
Government proposes that they are budgeting to repay the national debt.
Definitely a pre-election budget. It gives promises of extra cash into most pockets through the tax offset and then promises of things to come. I get the feel that a lot has been kept up their sleeve for the election campaign.
Economically the budget seems to make sense, including the reduction in the National debt.
No drastic changes to our world of bookkeepers. More of the same.
- PAYGW changes
- Asset write off proposed changes
- ABN annual renewal
- More compliance strategies for ATO, Fairwork and others
The ICB Summary - Budget for Bookkeepers
Treasury Budget 2019 Website