Disappointing Budget Assessment
A huge amount has been written about the 2018-19 Budget presented on Tuesday by Treasurer Scott Morrison as a 7 year plan to make personal income tax “lower, simpler and fairer” (see Morrison on Effect of Tax Cuts). But the proposed changes in the structure of the income tax system are not worth considering other than as possible thoughts for future budgets. There will be at least three more elections by 2025 and many thoughts raised or proposed about the structure. It is already apparent that the proposed changes in the tax treatment of those on high incomes will not get through the Senate and neither will the already proposed further reductions in company tax.
