The 2019 Federal Budget was described by the Treasurer, Josh Frydenberg, as a “Budget that rewarded effort”. It was the first Budget in 12 years to deliver a surplus of $7.1 billion – so what does that mean for business? Grant Wardell-Johnson, Lead Tax Partner, KPMG Economics & Tax Centre, and Brent Murphy, Tax Partner, KPMG Enterprise, analyse the last Budget before the election in May.
“This was a low risk Budget clearly set for an agenda prior to an election. There are few measures that contain high political risk. Indeed there are substantially fewer measures here than you would get in a normal Budget.”
"The extension of the Government’s Instant Asset Write-off Scheme to $30,000 and available to companies with a turnover of up to $50 million, will be good news for small to medium-sized businesses – however there is little else for the mid-market to be excited about.”