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Earlier this month, the Treasurer handed the Federal Budget 2018-2019, setting out the economic and fiscal overview for Australia in the year ahead. Planning for a stronger economic, social and political Australia, the Budget encourages growth, endorses businesses and provides opportunities for individuals.
What are the key highlights?
Overall, the Budget presented abundance for Australians covering tax, work, business and government areas. Building stronger communities, fostering growth and encouraging employment rates, the Budget is released with the intent of a more desirable Australia.
The top highlights included:
Tax: Instant relief for low and middle income earners, helping individuals and families reduce cost of living. The offset with help over 10 million Australians (that is, almost half the population) and over 4 million individuals will receive a benefit of $530 over the next financial year
Business: With intent to circulate a stronger economy and create more jobs, the Budget will also see lower tax rates for Australian businesses, greater spend in infrastructure for ease of transport and commuting, and greater support for exports. In addition, the latter will particularly assist agriculture and defence industries, in which Australia has boasted a great deal of prosperity in the past
Safety: Besides the financial and economic benefits, greater political support will see the implementation of measures to increase safety within Australian borders. Through roll-outs of greater airport security and combating global threats such as people smugglers, plans for a safer and more secure Australia are of greater importance than ever before
Government Support: The Australian government is amongst the strongest governments in the world. Through schemes such as Medicare Benefits Schedule, National Disability Insurance Schemes and those applicable to certain services, such as the Children’s Dental Benefit Schedule, the government aims to support the health and wellbeing of its population. As a whole, this backing and government funding grants Australians access to essential services and the basic human rights we are all entitled to, without any compromise
In whole, the Budget further went on to announce the advantages and benefits for individuals and businesses, and a result, it looks like a prosperous year ahead.
As a law firm practicing arms of law from Compensation Law to Immigration Law, releases as such are important to be communicated to individuals and businesses, ensuring their rights are being met, and even more so, their practices are lawful. For instance, businesses must ensure employees taxes are being reported legally and accurately; while individuals must be aware of how these updates and government policies may or may not affect them.
To find out more or for greater clarity, our team of professionals is here to assist. Practicing Compensation, Commercial, Family, Property and Immigration Law, we ensure we cover the most essential aspects of the law- providing aid to families, business people, employees/employers, those seeking compensation, those interested in citizenship, and everyone in between. Individuals must understand that at many points of their lives, legal assistance may be required, and through values of care, passion, proactivity, honour and empathy, our aim is to provide legal advice and services that help make a difference to our clients lives.
To find out more, contact our friendly team to assist.
