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2019/20 Budget Update

The Government handed down the 2019/20 Federal Budget on Tuesday 2 April 2019.

Some of the important proposals include:

– Increasing and expanding access to the instant asset write-off from 7:30pm (AEDT) on 2 April 2019. (i.e. ‘Budget night’) until 30 June 2020, as follows:

– Allowing individuals aged 65 and 66 years to:

– Increasing the upper threshold of the 19% personal income tax bracket to $45,000 from 1 July 2022, and reducing the 32.5% marginal tax rate to 30% from 1 July 2024 (in addition to changes already legislated)

– Increasing the Low and Middle Income Tax Offset (‘LAMITO’), with effect from the 2019 income year, to provide tax relief of up to $1,080 per annum, as well as an increased base amount of $255 per annum.

The Money Edge | Bundaberg

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