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The 2019 Federal Budget has been released, forecasting a return to surplus of $7.1Bn next financial year with a continued focus on tax relief. Personal income tax offsets are proposed immediately for low and middle income earners and favourable bracket adjustments are to come into effect by 2024/25. Small business tax relief includes an extension to the instant asset write-off until 30 June 2020 and an increase to the claimable threshold to $30,000 per asset. There are a collection of spending measures aimed at bolstering education, healthcare, defence and “congestion-busting” infrastructure. As with each year, it is important to note that these changes are proposed, and still need to pass through parliament before becoming law. Read More