As you probably know, the Federal Budget was recently announced. Following is a summary of the key aspects of the budget.

Income Tax Cuts

The centerpiece of the Budget was personal income tax cuts, including:
- the continuation of the Low and Medium Income Tax Offset;
- increases to the Low Income Tax Offset (LITO);
- increasing the upper threshold of the 19% personal income tax bracket from $37,000 to $45,000;
- increasing the upper threshold of the 32.5% personal income tax bracket from $90,000 to $120,000.

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