On 6 October 2020, Australian Treasurer Josh Frydenberg delivered the country's Budget 2020-21. The main tax-related measures of the Budget include the following:
- Individual income tax cuts backdated to 1 July 2020, which will be achieved by:
- bringing forward Stage Two of legislated tax cuts by two years, lifting the 19% threshold from AUD 37,000 to AUD 45,000, and lifting the 32.5% threshold from AUD 90,000 to AUD 120,000; and
- retaining the Low and Middle Income Tax Offset for an additional…