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2020/21 Federal Budget

1. Personal income tax changes

1.1 Changes to personal income tax rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from the 2021 income year). These changes involve:

• increasing the upper threshold of the 19% personal income tax bracket from $37,000 to $45,000; and
• increasing the upper threshold of the 32.5% personal income tax bracket from $90,000 to $120,000.

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Practice Update – October 2020

Special COVID-19 Superannuation Condition of Release Extended

Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered.

The ability to withdraw up to $10,000 from superannuation (if certain conditions are met) was initially set to expire on 24 September 2020.

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