Federal Budget 2018 – 2019 : Tax Changes for Individuals

18 19 Fed Budget image | Taxwise Australia | (08) 9248 8124

The Australian Government introduced new tax measures in the 2018 – 2019 Federal Budget as part of their Personal Income Tax Plan to help Australian Taxpayers by providing them with some ongoing & gradual tax relief.

As a reminder, here are some changes the Australian Government have made which will affect your 2019 income tax return and future years:

  • A new low- and middle-income tax offset will provide
    immediate tax relief of up to $530. This applies to the 2019 income tax return up until 2022.
  • Progressive increases to income tax rate thresholds over the next seven (7) years.
  • Reduction in the number of tax brackets in 2024 – 2025 to simplify the tax system. This will movie from five (5) brackets down to four (4).
  • No increases to the Medical Levy

Keep an eye out for the next Federal Budget for 2020 due to be released at approximately 7.30pm (AEST) on Tuesday 2 April 2019, as the Treasurer commences his second reading speech.

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Warren Kruger

Specialist Tax Consultant - “Helping YOU Pay The Correct Tax And Not A Penny More”. My story starts on Christmas Eve, back in 1983 in South Africa.

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