Govt promises ‘Howard era’ tax cut
The Federal Government has used its 2019 Budget to pave the way for the forthcoming May Federal Election promising “the largest personal income tax cuts since the Howard Government”.
Delivering his first Budget speech, the Treasurer, Josh Frydenberg said the Government was more than doubling the low and middle income tax offset from 2018-19.
“Taxpayers earning up to $126,000 a year — including teachers, tradies and nurses — will receive a tax cut,” he said and claimed that for a single income family, this would means up to $1,080 in their pockets while for families on a dual income it would mean up to $2,160.
Frydenberg noted that the tax cuts were being delivered despite the fact the Government had moved the Budget back into surplus and that it was forecasting increasing that surplus to $45 billion over the next four years.
Speaking of the tax cuts, the Treasurer said it was money that could go towards monthly mortgage payment, quarterly power bill or yearly car insurance.
“More than 10 million taxpayers will benefit, with 4.5 million receiving the full amount,” he said.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.