4th Quarter 2019

21 APRIL 2019

• March 2019 monthly activity statement - due date for lodgement and payment.

INSTANT ASSET WRITE-OFF INCREASED TO $30K AND EXPANDED TO BUSINESSES UNDER $50M. DATE OF EFFECT - 7:30PM (AEDT) ON 2 APRIL 2019 TO 30 JUNE 2020.

The threshold for the popular $20,000 instant asset write-off will increase to $30,000* from Budget night until 30 June 2020 when it will potentially return to its original $1,000 level on 1 July 2020.

ABN CANCELLATIONS

The Australian Taxation Office (ATO) will be increasing its focus on the bulk ABN cancellation program in coming months.

The ATO indicates that it has been refining its models to help identify businesses that are not active any more or have forgotten to cancel their ABN when the business ceased.

As anticipated, the Budget celebrated the surplus with a $19.5 billion package of personal income tax cuts for Australian residents. This package revises the legislated seven-year income tax plan.

The personal tax changes mean a tax saving of $855 for someone on an annual taxable income of $45,000 per annum until 2022, then $1,080 until 2024 onwards.