2019 Federal Budget - Individual

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Apr 3, 2019 | Posted in Business Advice
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New tax cuts

The Government has introduced new immediate tax relief for low-and-middleincome earners of up to $1,080 for singles or up to $2,160 for dual income families to ease the cost of living.

The offset will be available for the 2018-19, 2019-20, 2020-21 and 2021-22 income years.

Individuals with taxable incomes up to $37,000 will have their tax reduced by up to $255. This will increase incrementally for those earning between $37,000 and $48,000. The maximum offset of $1,080 will be available to taxpayers with taxable incomes between $48,000 and $90,000. The offset then gradually reduces to zero at a taxable income of $126,000. The offset will be received as a lump sum on assessment after individuals lodge their tax returns.

The Government have created a Tax Relief Estimator to help you better understand the tax relief you may receive when completing your personal income tax return for the 2018-19 year. Click on the button below to see how much tax relief you may be entitled to. 


Want to learn more about the budget?

Check out our 2019 budget summaries for the below categories. (Click on the images below to jump to these sections).
DarylCorpe
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