The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses. Rather, the Government has decided to put its foot on the accelerator with the hope that the growth in the economy over a long period of time will help to pay down the debt that has been central to the Government’s response to COVID-19.

On Personal Taxation, in an expected announcement, the Government confirmed that it will extend the low and middle income tax offset (LMITO) beyond 2020-21 so that taxpayers will continue to receive the tax offset (between $255 and $1,080) in the 2021-22 income year.

There were also major Tax-Related Measures announced in the Budget, in addition to changes to Superannuation & Related Measures, Housing, Business, and Welfare.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.

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