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Budget 2019-2020: - So what?

The federal government handed down its 2019-20 federal budget last night. We look at some of the key relevant sections of the budget and how that impacts you. Personal Income Tax plan The government is seeking to extend the amendments proposed in the 2018-19 Budget as follows; From 1 July 2018 – 30 June 2022 An increase to the Low to Middle Income Tax offset (LMITO) from a maximum of $530 to $1,080. This is in addition to the Low-Income Tax Offsets (LITO) and will be received once a tax return is lodged in that income year. From 1 July 2022 The government is proposing to increase the upper threshold of the 19% tax bracket from $41,000 to $45,000 A proposed increase of the Low-Income Tax Offs

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