Apr 03, 2019

Our Insights

Last night the Federal Treasurer handed down the 2019 Federal Budget.

Please click the newletter link below to read our in summary which outlines how these proposed budget changes may affect your financial situation.

What has changed?

The proposed changes and initiatives include:

  • From 1 July 2022, the upper personal income tax threshold for the 19% tax rate will increase to $45,000.
  • From 1 July 2024, the 32.5% tax rate will reduce to 30%.
  • Increase to the tax offset for low and middle income earners.
  • Increase to the age at which people can contribute to super without meeting the work test.
  • A one-off energy assistance payment for people receiving government assistance.

What next?

Please be aware these are only proposals and the Budget announcements still need to be passed by both the House of Representatives and the Senate before they become law.

As always if you have any questions, do not hesitate to contact us.

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