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Budget Update 2018/19

Federal Treasurer, Mr Scott Morrison, handed down the 2018/19 Budget on 8 May 2018. Mr
Morrison said the Budget is focused on further strengthening the economy to “guarantee the
essentials Australians rely on” and “responsibly repair the budget”.

Mr Morrison has stated that the Budget plans to return the economy to balance by 2019/20, one
financial year earlier than outlined in last year’s budget.

Major points of focus for this year’s Budget are the introduction of measures to ensure the
integrity of the tax and superannuation system; and steps to counter the black economy. In
addition to this, perhaps the centrepiece of the Budget, is the Government’s plans to adjust
personal income tax rates. 80% of the taxpaying population (all those earning up to $87,000) will
get some benefit from this change.

This update provides insight on the proposed introductions which impact many of our valued
clients. If you would like to know more about the ways in which this year’s Budget affects you,
contact one of our advisers on 9301 2200 or email clientcare@mckinleyplowman.com.au.
We hope you find the MP+ Budget Update for 2018/19 insightful and useful.

CLICK HERE TO DOWNLOAD THE FULL MP+ BUDGET UPDATE

written by:

McKinley Plowman