The Federal Budget 2019-20 – a deeper analysis

Written by Professor Bob Deutsch, CTA, Senior Tax Counsel

The Federal Budget delivered by the Treasurer, Hon. Josh Frydenberg on 2 April 2019 did not contain the usual array of tax changes that we are accustomed to in previous budgets.

Nonetheless, there were some important changes, some of which I have already discussed on Budget night and upon which I will now elaborate.

Personal income tax changes

The most significant immediate change is the expansion to the low and middle-income tax offset which will apply with immediate effect, in the sense that it will apply to the 2018-19 tax year. This will deliver $1,080 per annum for each individual single who is eligible and slightly more than double that for a couple. Those on incomes between roughly $45,000 and $95,000 per year will receive the full benefit...

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