New Wage Theft Laws: What You Need to Know
As of January 1, 2025, new laws have come into effect to criminalise wage theft. These laws aim to protect employees and...
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.
Check out our 2019 budget summaries for the below categories:
Business
There is no better advertisement campaign that is low cost and also successful at the same time.
As of January 1, 2025, new laws have come into effect to criminalise wage theft. These laws aim to protect employees and...
I recently had a wonderful two weeks of annual leave, completely unplugged from modern society (no mobile phone receptio...
While the deficit for this year is expected to be $4.2bn, the Treasurer announced return to surplus of some $7.1bn estim...