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.
If you require any assistance or advice, please contact our office on 08 8523 0133 or via email at enquires@pointons.com .
