2019 Federal Budget


Treasurer Josh Frydenberg's first Budget focuses on reducing the tax burden for the majority of working Australians, greater superannuation flexibility for retirees and a one off energy relief payment for eligible income support recipients. 


Note: These changes are proposals only and may or may not be made law​

Personal Tax Savings

Immediate Tax Relief

Low and middle income earners will receive a tax saving of up to $1,080 per person that can be claimed in the 2018/19 tax return.

Tax Relief for Low and Middle Income Earners

From 1 July 2022, the 19 per cent tax bracket will increase to $45,000, with an increase in the low income tax offset from $645 to $700.

Reduction in Key Marginal Tax Rate

From 1 July 2024, the current 32.5 per cent marginal tax rate will drop to 30 per cent for income between $45,000 and $200,000.

Pensioners and Welfare Recipients

Energy Assistance Payment

Eligible Australians will automatically receive a one off payment of $75 for singles and $125 for couples (combined) to assist with their energy bills.   

Superannuation Proposals 

Changes to Voluntary Super Contributions

Australians ages 65 and 66 will be able to make voluntary super contributions without having to meet the Work Test. 

Increasing Age Limit for Spouse Contributions

The age limit for people to receive contributions made by their spouse on their behalf increases from 69 to 74 years.

Extended Access to Bring-Forward Arrangements

People aged 66 and under will now be able to make three years' worth of non-concessional contributions to their super in a single year, capped at $100,000 a year.

Small to Medium Business

Small Business Increase in instant asset write-off

The threshold for the instant asset write-off increases to $30,000 from $20,000. It has also been broadened to include businesses with up to $50 million in turnover.

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Licensee Disclosure:

Todd Burnell

Senior Financial Planner/Director

Silway Pty Ltd TA Silway Private Wealth

Authorised Representative of GWM Adviser Services

TA MLC Financial Planning

Australia Financial Services Licensee

Registered Office at 105 - 153 Miller Street

North Sydney NSW 2060 Australia