It was the last budget before we head back to the polls (by May 2019) so it was no surprise to see Scott Morrison handing out a few treats. His job of delivering a ‘pre-election budget’ was made easier by higher corporate tax revenue from stronger commodity prices and higher personal tax revenue from an improving employment market. This provided the backdrop for proposed tax cuts while forecasting a budget surplus in 2019/20, a year earlier than previously forecast.
As seems to be the norm now, most of the key measures were announced prior to budget night. Below we highlight the main points.
|$24.5 billion for infrastructure projects focused on reducing congestion, including:|
Tightening of rules around any assets injected into testamentary trusts and tax deductions for vacant land
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