Federal Budget May 2018

PERSONAL TAXATION

Personal tax rates: staged seven-year reform plan starting from 2018–2019

In the 2018–2019 Budget, the Government announced staged tax relief for low and middle income earners. The Government is proposing a major seven-year, three-step plan to reform personal income tax.

Step 1 will see a new, non-refundable low and middle income tax offset from 2018–2019 to 2021–2022, designed to provide tax relief of up to $530 for each of those years. The offset will be delivered on assessment after an ...

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Federal Budget 2017 – 2018 – More information

Housing affordability measures

  • Individuals will be able to make voluntary contributions of up to $15,000 per year from 1 July 2017 and $30,000 in total, to be withdrawn subsequently for a first home deposit. Withdrawals can begin from 1 July 2018. Couples will be able to both access the scheme and combine savings for a single deposit.
  • A person aged 65 or over can contribute up to $300,000 from the proceeds of the sale of their home as a nonconcessional contribution into ...
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Budget 2013 / 2014 Commentary

In handing down the 2013/14 Federal Budget, Treasurer Wayne Swan blamed a stubbornly high Australian dollar and lower commodity prices for a dramatic fall of some $17 billion in forecasted tax receipts, leading to an estimated budget deficit for 2012/13 of $18 billion.
This is obviously a far cry from the ‘on time, as promised’ budget surplus of $1.5 billion that he announced in the last budget.
In stating that the Government was ‘charting a sensi ble pathway to surplus ...

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Budget 2012-13 Commentary

The Treasurer announced his “on time, as promised” budget surplus with a headline surplus for 2012/13 of $1.5 billion.

Mr Swan also indicated that there would be an increasing budget surplus over the next four years. It is interesting to note that the budget deficit forecast at $37.1 billion for 2011/12 had blown out to $44.4 billion.

In terms of headline numbers, real GDP growth is forecast at 3.25% for 2012/13 and 3.00% for 2013/14. The anticipated unemployment rate is 5.5%.

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