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Australia Budget 2019-20 Delivered Including Tax Relief for Individuals and Smaller Businesses — Orbitax Tax News & Alerts

On 2 April 2019, Australian Treasurer Josh Frydenberg delivered the country's Budget 2019-20. The tax-related measures of the Budget are relatively limited and include the following:

  • An increase in the low and middle income tax offset for individuals, with an increase in the base amount to AUD 255 and an increase in the maximum amount to AUD 1,080, which applies from 1 July 2018;
  • An increase in the maximum low income tax offset for individuals to AUD 700, which applies from 1 July 2022;
  • An increase in the top threshold for the 19% individual income tax bracket from AUD 41,000 to AUD 45,000, which applies from 1 July 2022;
  • A reduction in the 32.5% individual income tax brackets to 30.0%, which applies from 1 July 2024; and
  • An extension of the instant asset write-off to 30 June 2020 with an increase in the per-asset write-off threshold to AUD 30,000 from 2 April 2019, as well as an expansion of the instant write-off to businesses with annual turnover below AUD 50 million.

For more information, click the following links for the Budget Speech 2019-20 and the Budget Documents webpage.