In the lead up to the federal election over the last few months, it was predicted that by this time we would have a new Labor government. Labor promised that by being elected into office, they would bring in a plethora of changes that would greatly shift the strategies of many businesses and individuals.
But in this day and age, whilst we have more knowledge to substantiate our predictions, it can still come as a shock when things don’t go as we expect. The 2019 federal election was no different as it resulted in a Liberal Coalition win despite the opinion polls.
While change can be good, the best thing to come out of the federal election is the removal of speculation and uncertainty. With the uncertainty, there was no ability to implement strategies right away, but now businesses and individuals alike can continue to plan ahead and implement strategies as before.
Will the Scott Morrison government stick to the pre-election proposed budget changes or shake things up? BLG Manager, Luke Bland, will go into detail on this topic next week, but for now here are links to our Federal Budget write-ups that you can refer to:
- Federal Budget 2019 from BLG Manager, Adam Birrer
- Federal Budget Tax Impact from Chartered Accountant, Kirstie Smith
To ensure you have your planning set up to account for the Federal Budget updates our team can help you prior to the end of financial year. Get in touch with BLG Business Advisers online or by calling 02 4229 2211.