Budget updates for 2021
Many of the fiscal measures announced are temporary and flowing through to the economy over the next two financial years. With minimal focus on long term spending and reform except for some changes to superannuation for recommendations from the Royal Commission’s Report.
New tax tables resulting in lower tax withheld from your wages. Note that this does not mean you should expect a higher refund than the previous year as you should have already received additional wages during the year.
Medicare levy thresholds increase for low income earners