Federal Budget 2019

2019 Federal Budget

On Tuesday 2 April, the Government announced the Federal Budget including these proposed changes and initiatives:

  • From 1 July 2022, the upper personal income tax threshold for the 19% tax rate will increase to $45,000.

  • From 1 July 2024, the 32.5% tax rate will reduce to 30%.

  • Increase to the tax offset for low and middle income earners.

  • Increase to the age at which people can contribute to super without meeting the work test.

  • A one-off energy assistance payment for people receiving government assistance.

Read the Federal Budget summary to find out how these proposed budget changes may affect your financial situation. We also have a number of summaries for more specific situations below:

Please be aware these are only proposals and the Budget announcements still need to be passed by both the House of Representatives and the Senate before they become law.

We hope you find this information useful. If you would like to discuss the announcements and the possible implications in relation to your financial strategy, please contact us by phone at 03 9854 3586 or by email at admin@altafp.com.au.

The Team at Alta Financial Planning