2019 Government Budget
The Morrison government is set to hand down its budget tonight.
Some of the details released so far include tax cuts, tax breaks, energy supplement payment and a surplus. It is widely viewed as an election budget.
The federal election will be held sometime in May and the Labor party is widely expected to win. What does this mean for tonight’s budget? It is anyone’s guess.
If Labor is returned in May a raft of Liberal party policies and bills currently before the parliament may be forgotten.
Labor is also talking tax cuts for individuals but wants to tax trusts, change negative gearing and capital gains tax, remove the refund of franking credits and limit the amount of tax deductions you can claim for your tax advice. (These are all proposed and details to be determined). Labor’s budget reply should give us more guidance but may leave us with more questions.
Please contact CrossCorp to discuss any of the Liberal or Labor policies and how they may affect you.