New Tax Cuts
The Government has introduced new immediate tax relief for low-and-middle‑income 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.
| Rates in 2017-18 |
Thresholds in 2017-18 |
New Rates in 2024-25 |
New Thresholds in 2024-25 |
| Nil |
Up to $18,200 |
Nil |
Up to $18,200 |
| 19 per cent |
$18,201 - $37,000 |
19 per cent |
$18,201 - $45,000 |
| 32.5 per cent |
$37,001 - $87,000 |
30 per cent |
$45,001 - $200,000 |
| 37 per cent |
$87,001 - $180,000 |
- |
- |
| 45 per cent |
Above $180,000 |
45 per cent |
Above $200,000 |
| Low income tax offset in 2017-18 |
Up to $445 |
Low income tax offset in 2024-25 |
Up to $700 |
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.
Want to learn more about the budget?
Check out our 2019 budget summaries for the below categories:
Business
Superannuation
Economy
Social Security & Family Assistance
Other
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