Up to 10 million Aussies to get tax relief in pre-election Budget
Tax relief for millions of workers and the first surplus in more than a decade are expected to headline a crucial pre-election Budget today. Plans for a $530 tax offset for millions of hardworking Aussies are likely to be extended to give more people hip pocket relief. SEE THE LIST OF WHAT WE KNOW IS IN THE BUDGET.
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Tax relief for millions of workers and the first surplus in more than a decade are expected to headline a crucial pre-election Budget on Tuesday.
Treasurer Josh Frydenberg will move to shore up the federal government’s economic credentials, pitching to the Australian people that the Coalition’s sound financial management will allow them to live better lives — starting with keeping more of their pay.
Plans for a $530 tax offset for the 4.4 million workers earning $48,000-$90,000 due from July 1 are likely to be extended to give more people hip pocket relief.
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With pressure on the government to deliver a vote-winning Budget — and Prime Minister Scott Morrison likely to call the election on Sunday — up to 10 million Aussies earning between $37,000 and $126,000 are expected to get some form of tax relief in Tuesday’s promises.
And there will be new changes to superannuation, which will allow Australians aged 65 and 66 to put more money away in voluntary contributions without meeting the work test.
The new superannuation measures will take effect from mid-2020, with about 55,000 people to benefit — a promise worth about $70 million. In addition, the government will increase the age limit for spousal contributions from 69 to 74 years old.
This will join billions for road projects — including a major congestion-busting package for NSW revealed last week by The Daily Telegraph — along with health and skills investments in a critical Budget designed to convince voters of the Coalition’s steady economic management.
“My real message today is: a stronger economy, a strong Budget, a Budget surplus that only a Coalition government can deliver, is what guarantees the essential services you rely on,” Mr Morrison said.
Finance Minister Mathias Cormann said on Monday the government was committed to tax cuts.
“We’ve made the decisions in past budgets and budget updates in order to fulfil that commitment,” he said. “What Australians will see is that we will continue to fulfil that.”
The Daily Telegraph can also reveal Tuesday’s Budget will contain a fresh health investment of $70 million to establish residential clinics tackling eating disorders across the country.
Mr Morrison has identified mental health as a priority area and has already taken the lead on addressing eating disorders.
It is understood NSW will receive a new residential clinic under today’s Budget commitment.
BRING ON TAX CUTS FOR ALL, NOT SOME
The Kruger family of North Sydney would welcome tax breaks being given to low income workers as a way to boost the economy — but believe all Australians should share in the benefits.
“I support the increase of the tax free threshold to assist low income families and then provide tax savings across the board,” said Koos Kruger, an accountant and consultant to small and medium size businesses.
“We are in an economy that require stimulation and reducing taxes is one of the macro economic levers the government can use to improve growth. Therefore bringing the tax reform forward in my opinion is the correct thing to do.”
Treasurer Josh Frydenberg is expected to announce tax relief for up to 10 million Australians when he reveals the Budget, and it is expected to focus on workers earning $126,000 a year or less.
Mr Kruger, who is originally from South Africa, said his successful consulting business meant he was in a high tax bracket and he was unsure if he would benefit from any tax breaks announced in the Budget. But any relief would be welcome while wife Davina works only two days a week and the couple support three children.
“Tax cuts across the board is always beneficial to all taxpayers,” he said.
$527M DISABILITY INQUIRY
The government is allocating $527 million to fund a royal commission into the mistreatment of disabled Australians.
The Daily Telegraph can reveal the figure, which will be a key announcement in tonight’s Budget. It is the most money ever committed to a royal commission
The spend on the disability royal commission will be one of 19 key elements to be discussed by Treasurer Josh Frydenberg in his Budget speech tonight. It comes ahead of the full terms of reference for the commission to be announced on Friday.
The disability royal commission will investigate the horrific allegations of abuse, neglect and violence against those with a disability.
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