Federal Government unveils Budget
The latest Federal Budget has been handed down, however please note, these are just announcements at this stage. These measures have not been passed by parliament, and they may be substantially changed before being passed or may never be passed at all. The opposition has already stated they will oppose the tax cuts announced.
Here’s a quick summary of what we think are the important points:
- The marginal tax rate for the $18,201 to $45,000 tax bracket will be progressively reduced from the current 16% to 15% from 1/7/2026 and then 14% from 1/7/2027. All other tax rates to stay the same.
- All outstanding HELP debts will be reduced by 20%, before indexation is applied on 1 June 2025.
- From 1 April 2025, a ban will be in place for an initial period of 2 years (1 April 2025 to 31 March 2027), preventing foreign persons from applying to buy established dwellings in Australia, unless an exception applies.
If you have any queries, please contact your Accountant by emailing admin@patrickrowan.com.au
