2019 – A year of change

With a new year upon us, it seemed a good time to consider some of the changes we may see in 2019.

There will be a Federal Election

We know there will be a Federal election this year and at this stage, we expect it to be held in May.

The current Government hasn’t yet released much information around its’ proposed tax changes however, they have moved the Federal Budget announcement forward by about a month to Tuesday 4 April which is when we expect to see their proposed changes outlined.

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Reduction in small business company tax rate brought forward

It took Parliament just 3 days to introduce, debate and pass legislation to bring forward the reduction in the corporate tax rate for small and medium businesses.

The applicable tax rates will now be:

2017 – 2018 27.5%
2018 – 2019 27.5%
2019 – 2020 27.5%
2020 – 2021 26%
2021 – 2022 25%

The Small Business Income Tax Offset rate will also increase in 2020-2021 to 13% and to 16% in 2021-2022 but it is still capped at $1,000.

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Impacts on small business in SA

On Tuesday 4 September 2018 the Treasurer Rob Lucas released the first Liberal Budget after 16 years in Opposition. We perhaps expected to see a budget with harsher cuts, however the Marshall Government seems intent on driving efficiency within the public sector where they can while still supporting infrastructure and jobs growth with the overall hope to provide better outcomes for SA.

For small business, the budget provides some real relief in the form of payroll tax reform, land tax changes and a reduction in the Emergency Services Levy.

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