Budget 2019 – Review by Julius Mather (Principal Northcity Accountants)
3 April 2019. Besides the return to a Budget surplus for the first time in 12 years, clearly, the headline tax announcement are the proposed changes to the personal income…
2017/2018 Federal Budget
Federal Budget Highlights
Mr Scott Morrison, the Federal Treasurer, has handed down his second Budget Mr Morrison said the Budget is focused on boosting the economy and households, so that “we live within our means and are able to return the Budget to balance in 2020/21”.
This is the tenth consecutive federal deficit budget.,2017/2018 the Budget deficit is $29.4 Billion.
2016/2017 Federal Budget
Individual Tax
Review by Accountants & Tax Agents Pty Ltd Julius Mather – Managing Director
Income tax rates
We see in this Federal Budget a modest attempt to address the current bracket creep via the announced proposal to increase the threshold at which the second-highest marginal tax bracket of 37 per cent begins to apply, from $80,001 to $87,001. According to the Government’s modelling, this will prevent approximately 500,000 taxpayers from entering this tax bracket until the 2019-20 income year.
