In the 2019-2020 Federal Budget, the Government has announced its intention to change and build on the Personal Income Tax Plan. These changes are now law.
From the 2018–19 income year:
- The low and middle income tax offset has increased from a maximum amount of $530 to $1,080 per annum and the base amount increases from $200 to $255 per annum.
- Taxpayers with a taxable income:
- of $37,000 or below can now receive a low and middle income tax offset of up to $255
- above $37,000 and below $48,000 can now receive $255, plus 7.5% of the excess above $37,000 to a maximum offset of $1,080 on your tax payable.
- above $48,000 and below $90,000 are now eligible for the maximum low and middle income tax offset of $1,080
- above $90,000 but is no more than $126,000 are now eligible for a low and middle income tax offset of $1,080, less an amount equal to three per cent of the excess.
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