The Government handed down the 2019/20 Federal Budget on Tuesday 2 April 2019.
Some of the important proposals include:
– Increasing the instant asset write-off threshold from $25,000 to $30,000.
– Making the instant asset write-off available to medium sized businesses (with aggregated annual turnover of $10million or more, but less than $50 million).
Editor: The legislation to make the above changes to the instant asset write-off has already been passed and received Royal Assent.
– make voluntary superannuation contributions(both concessional and non-concessional) without meeting the work test from 1 July 2020; and
– make up to three years of non-concessional contributions under the bring-forward rule (without satisfying the work test).
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