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The Federal Budget 2018: What you need to know.

  • Personal income tax cuts for low to middle income earners. From July this year, the 32.5% tax bracket will be lifted to $90,000 from $87,000.
  • A new tax offset of $530 a year, paid as a lump sum. Those earning between $48,000 and $90,000 will get the full benefit of the offset.
  • The Tax system has been simplified so that 94% of taxpayers pay no more than 32.5 cents in the dollar in 2024–25.
  • The budget is forecast to return to a modest surplus of $2.2 billion, in 2019-20.
  • A ban has been set on exit fees on superannuation accounts when changing funds.
  • Instant asset write-offs have been extended (to June 30, 2019) for businesses with a turnover of $10 million or less for purchases up to $20,000.

For a more detailed budget overview click here

(Source: The Department of the Treasury)

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