The Federal Budget 2020-21 will be announced tomorrow (Tuesday 6 October 2020) at 7.30pm (AEDT) / 4.30pm (AWST). It was postponed in May because of the pandemic.
What do we know?
It is anticipated that the Federal Budget 2020 will announce personal income tax cuts following Finance Minister’s Matias Cormann’s interview with Sunrise that working Australian’s will receive ‘more money in their pockets’ by Christmas thanks to income tax cuts.
The cuts were originally due in 2022 as part of the three- stages of income tax cuts announced in the last federal election. It is likely that this will be brought forward.
For middle income earners, this would mean:
The 19 per cent tax rate threshold increases from $41,000 to $45,000
The 32.5% per cent tax rate threshold increases from $90,000 to $120,000
It is also likely that the Treasurer, Josh Frydenberg, will fast track the tax cuts so workers don’t have to wait until July 2021 or 2022 for tax relief, following an interview with news.com.au on Friday 2nd October.
We will keep you up to date with a review of all the key measures related to personal and business tax initiatives.
Coverage begins at 7:30pm (AEDT) / 4.30pm (AWST) on ABC, as the Treasurer Josh Frydenberg hands down his federal budget live from Canberra followed by interviews and expert reaction.
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