Last night, the Government issued a clear pre-election budget focusing on two particular voting blocs. The two voting blocs are as stated below:
- Individuals earning up to $126,000 and
- SME’s with turnovers under $50 million.
The Tax Cut Plan was announced last year in a similar form; however, it differs, due to the Governments projected surplus for the near term.
The timing of these tax cuts will remain the same, with the projected real benefits not seen until 1stJuly 2022 and major cuts from 1st July 2024.
Aspect Accountants and Advisors have reviewed the 2020 budget and have collated the key issues that are apparent, in the PDF curated below.