Federal Budget Summary 2018–19

The Hon Scott Morrison MP handed down his third Federal Budget on the 8th of May 2018.

Pleasingly, superannuation has again largely been left alone. The Budget instead focused on a seven year tax plan. Low to middle income earners with an income up to $90,000 will receive a $530 tax offset from 1 July 2018. The offset will start to reduce and will cut out when income reaches $125,333.

Personal marginal tax rates will gradually alter to the following:

The Budget is clearly designed as a sweetener for the next Federal Election which could be held at any time, barring a double dissolution, from 4 August 2018. There is something for most people in the 2018 Budget, however for some, they may take a little while before they flow through.

Please note, all the announcements still need to pass through Parliament; until then they can be viewed as merely a statement of intent.  In addition, the devil is always in the detail, and the details aren’t yet fully known. (more…)

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