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We have summarised the key points from the 2020-2021 budget, that we believe will have the most impact on our clients.
Please keep in mind that all budget measures are proposals and will require the passage of legislation to become effective.
The cuts to personal tax rates will be bought forward and be effective from the 1 July 2020.
The measures involve the simple raising of the tax brackets as follows;
This will be equate to $41 a week for someone who earns between $50,000 and $90,000 per annum and $49 a week for someone who earns more than $120,000 per annum.
There will also be an extension of the Low and Middle Income Tax Offset to the 30 June 2021 and an increase in the Low Income Tax Offset.
If you have any questions or concerns about the proposals from the Federal budget announcements, please contact your Ulton Advisor to discuss.
Want to learn more about the other announcements? We have broken the full budget down into 6 main categories for usability.
Source:
The Tax Institute, Tax measures from the 2020-21 Federal Budget welcome, but real reform still needed, 6 October 2020, https://www.taxinstitute.com.au/timediarelease/tax-measures-from-the-2020-21-federal-budget-welcome-but-real-reform-still-needed
MYOB, Budget delivers for Australia's 2.4M Small Businesses: Tax cuts, Business Investment top of the list, 6 October 2020, https://www.myob.com/au/about/news/2020/australian-federal-budget-2020-
NAB, 2020 Federal Budget: What it means for Small and Medium Business, 7 October 2020, https://business.nab.com.au/2020-federal-budget-what-it-means-for-small-and-medium-business-42684/
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