The key announcements:
- Tax relief for low and middle-income earners from 2018- 19 in the form of an increased tax offset of up to $1,080. Changes to tax thresholds and rates starting from 1 July 2022 and 2024
- The instant asset write-off for small business will be increased from $25,000 to $30,000 and will be available to medium businesses with turnover up to $50 million
- The ATO’s Tax Avoidance Taskforce will receive an extra $1 billion in funding over four years
- A $525 million skills package to create 80,000 new apprenticeships
- There will be further investment in aged care funding and a focus on safety and quality
- There is an increase to the 10-year infrastructure budget from $75 billion to $100 billion.
If you would like to read more on the Federal Budget 2019-20, please download the report from the.