Y Partners Blog

2019 Federal Budget Snapshot

On Tuesday 2 April, the Federal Government handed down its Budget for the 2019-20 financial year. This is the first Budget delivered by Treasurer Josh Frydenberg and will be the final Budget before the next Federal Election. 

The theme of this year's Budget is 'A stronger economy and a secure future'. According to the Treasurer, the measures in this year's Budget will not only lower personal taxes and return the Budget to surplus, they also help older Australians continue contributing to super and provide tax breaks for small-to-medium businesses. 

Here are some of the announced Budget changes that could affect you. However, it's important to remember that these are only proposals at this stage, and each proposal will only become law once it's passed by Parliament. Additionally, if there is a change of Government at the Federal Election, these proposals may be changed or removed from the next and subsequent Budgets.  Read more…

You may have heard about Single Touch Payroll (STP). Single Touch Payroll is a reporting change for employers and has already taken effect from 1 July 2018 for employers with 20 or more employees. However, for employers with 19 or less employees, STP will take effect from 1 July 2019. This is subject to legislation being passed by parliament. Read more…
Enhancements in technology and data matching mean the ATO is able to detect people and businesses operating outside the tax system this tax time. The ATO are keeping a watchful eye and looking out for behaviours, characteristics and tax issues that may raise questions and attract their attention. Read more…