WINNERS
Middle and low-income earners – There are tax cuts promised for working Australians, starting from those earning $18,200 a year. Middle and low-income tax earners will get a tax offset of up to $1,080 from a single income, or up to $2,160 from a family income
Commuters – By gosh we need this one. The government is throwing $15 billion at new road and rail projects. This includes fast rail proposals in New South Wales, Victoria and Queensland and quadrupling the Urban Congestion Fund to improve parking facilities and train stations
Small Businesses – Planned tax cuts for small and medium businesses has been fast tracked by 5 years, which will benefit around 970,000 Australian businesses. The instant asset write-off has also been expanded to $30,000 (from $25,000) and will also be extended
Cashed-up Retirees – Older Australians will now be able to put money into super for longer, even if they are not working. From 1 July, 2020 the age limit to make voluntary contributions to their super will be increased 67
LOSERS
High Income Earners – If you earn over $126,000, there are not tax cuts in this budget for you
Big Businesses – Whilst there was a nod towards the small to medium businesses, it isn’t the same story for big businesses. If your business brings in more than $50 million, there are no tax cuts. And on top of that, the government will be cracking down on big businesses who avoid tax
First Home Buyers – There is nothing in this year’s budget that makes it easier to save for a deposit for your first home
The information contained on this website and in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Taxation, legal and other matters referred to on this website and in this article are of a general nature only and are based on our interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
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