2019 Budget Special: Personal Tax
The main aspect of the Federal Budget were the changes announced to personal income tax bandings and rates albeit that some of these are phased in over a long period. The instant changes are focused on the Energy Assistance payments and the doubling of the low to middle income tax offset (LMITO).
CGT for foreign residents
The controversial proposal to remove the entitlement to the Capital Gains Tax main residence exemption for foreign residents has been reignited with the Treasurer confirming that the proposed change "remains our Government's policy". The change originally announced in the 2017-18 Federal Budget was originally introduced on 8 February 2018, however, the bill introducing the law lapsed when Federal Parliament was prorogued for the 2019 Federal election.
Sign up to our News and Insights
Thanks for subscribing.
Stay informed and get our latest insights delivered to your inbox.