With the 2018 Federal Budget released last night, what are your thoughts?
Middle and low-income earners
From the 2019 financial year until the 2022 financial year, middle and low-income tax earners will get a tax offset of up to $530 a year.
From July 1, 2018 the top threshold for the 37 per cent tax bracket will increase to $90,000.
In the 2020s the income tax threshold will be further raised to combat bracket creep for middle and high-income earners.
The government will also keep the Medicare levy at 2 per cent, instead of increasing it to 2.5 per cent from July 1, 2019 as previously planned.
To me, the tax rate restructure is the biggest topic for discussion. I believe it benefits people earning more than $90,000 than people earning less than that amount.