3 Apr 2019
2019 Australian Federal Budget
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The Federal Treasurer Josh Frydenberg has handed down his first Budget and some of the key measures include.
- immediate tax cuts for low to middle income earners by increasing the Low and Middle Income Tax Offset (LMITO)
- the ability for people aged 65 and 66 to contribute to super without meeting the work test requirements from 1 July 2020
- significant increases to funding for both health and aged care services
The strategy of again promising tax cuts in the Budget and then delaying implementation to 1 July 2024 (half a decade) is dumb politics in an election year.
It is important to remember that these Budget announcements are still only proposals and still need to be legislated.
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