2019 – 2020 Federal Budget at a glance

• Immediate tax relief for low- and middle income earners of up to $1,080 for singles or up to $2,160 for dual income families

• Lowering the 32.5 per cent rate to 30 per cent in 2024-25

• A further $158 billion of tax relief, building on the already legislated Personal Income Tax Plan

• Increasing the instant asset write-off threshold to $30,000 and expanding access to medium sized businesses with an annual turnover of less than $50 million

• Fast-tracking the company tax rate cut to 25 per cent for small and medium sized companies with an annual turnover of less than $50 million and increases to the unincorporated small business tax discount rate

• New funding for the ATO to target tax avoidance by multinationals, big business and high wealth individuals

We will provide a more in-depth review in the coming days

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