The Federal Budget initiatives that are here to get your finances back on track

The Federal Treasurer Josh Frydenberg this month declared the aim of his big-spending Federal Budget was to “rebuild our economy and create more jobs”. 

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For individuals and households, the Budget also provides an opportunity for them to rebuild their finances and repair their own personal balance sheets.  

“If you are a tradie or a nurse or a teacher earning between $48,000 and $90,000, you’ll get just over $1,000 in your pocket at the end of your tax year. That’s a significant boost to household income,” declared Frydenberg on one of the major drawcards of his budget – the 12-month extension to the Low and Middle-Income Tax Offset (LMITO).  

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The Government says around 10 million Australians will receive the tax offset, which will be $1,080  a year for individuals (or slightly more than $20 a week) and $2,160 a year for couples. Compared to three years ago, low and middle-income earners now receive tax relief of up to $2,745, according to the Government. 
 

The Budget provides an opportunity for people to use their tax offsets towards paying off their debts with the highest interest rates or even canceling out debts with the smallest balances. 

 

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United Debt Assist operations manager Rory Kehoe says the tax relief measures in the Budget and the nearing of the financial year provide a great opportunity for people to take stock of their finances. 
 

“The past twelve months saw an unprecedented upheaval in all our lives, and it is more imperative than ever to know exactly where your money is going,” says Kehoe.  

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“At United Debt Assist, we offer a financial health check that can ensure our client’s debts are serviced as quickly and efficiently as possible, allowing you peace of mind that your financial well-being is secured,” says Kehoe. 
 

“We partner with specialist tax negotiators with years of experience in tax mediation. If you are looking to pay down debts with your tax return or need help with a tax bill, UDA has the expertise to support, and ensure a great start to the new financial year.” 

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