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Federal Budget 2019/20

Federal Budget 2019/20


Last night the Treasurer, Josh Frydenberg, delivered the Federal Budget for 2019. Here’s our summary of the announcements and what it could mean for you. #Budget2019

How will the Federal Budget affect you?

This year’s Federal Budget is an ‘election budget’ with future tax cuts for all Australians, especially low and middle income earners. Overall, there were minimal changes to super proposed in the Budget, with minor changes to super contributions for older Australians.

We’ve summarised some of the key points from the Budget below, but remember these are subject to the passing of legislation.

>> 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.


We have also prepared additional individual summary flyers for particular sectors so you can easily see how the Federal Budget 2019/20 will affect you in particular. 

> Federal Budget 2019/20 for Accumulators
> Federal Budget 2019/20 for Families
> Federal Budget 2019/20 for High Earners
> Federal Budget 2019/20 for Retirees
> Federal Budget 2019/20 for Small Business

For more information please feel free to contact our office on 9293 2922 and Peter Stewart will be happy to discuss.

Have further questions? 

Our licensee RI Advice have prepared a dedicated website for all of your Federal Election 2019/20 questions.  > CLICK HERE to view the website

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