The media is buzzing with news of the Turnbull Government’s personal income tax package for low and middle-income earners receiving the ‘green-light’ as it was passed through the Senate yesterday (21/6/18). Under the first stage of the three-stage plan, low and middle-income earners, earning up to $90,000, will receive a tax offset of up to $530 effective from July 1, 2018.
Additionally, individuals will benefit from the increases to the upper threshold for the 32.5 per cent tax rate from $87,000 to $90,000 from July 1, 2018.
For more details about the changes and to see the tax scales, we outlined them in our Budget Blog which can be accessed by clicking here. If you have any specific questions about these passed changes, please contact your Ulton Advisor to discuss.