The Federal Treasurer, the Hon. Josh Frydenberg MP, delivered the 2019 Federal Budget on 2 April 2019.
As widely predicted, the announcement included a range of tax cuts for both individuals and businesses. The Treasurer also announced increased funding for regulators to encourage tax and superannuation compliance, a number of positive changes to superannuation, and an affirmation of previously announced aged care measures.
Personal Income Tax
- Increases in the low and middle income tax offset to apply in 2018-19
- Other Tax benefits (tax rates/ thresholds and low income tax offset changes) to commence in 2022-23 and later income years.
- Extension of the provision allowing small businesses to instantly write-off asset purchases
- Further Consultation on Division 7A reforms.
- Work test changes
- Spouse Contributions
- Bring-Forward of the NCC Cap
- Tax Relief for merging Superannuation Funds
- ECPI administration simplification
- Energy Assistance Payment
Improving the quality, safety and accessibility of aged cared services.