The Federal Government’s Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019 was passed on 04 July 2019.
Working Australians will benefit from this bill which increases the base and maximum amounts of the low- and middle-income tax offset for the 2018-19, 2019-20, 2020-21 and 2021-22 income years. From $200, the base amount is now $255. From $530, the maximum amount is now $1,080.
For the 2022-23 income year and later income years, the Bill increases the amount of taxable income subject to the first personal rate of income tax of 19 per cent to include an individual’s taxable income between $18,201 and $45,000 (rather than $41,000.
For the 2024-25 income year and later income years, it reduces the second personal tax bracket rate of income tax to 30 per cent (from 32.5 per cent).
Learn more about this Bill from Effective PD’s webinar on Tax Relief for Working Australians. The webinar also covers tax return status report, tax tip-offs, tax determination changes, the AASB’s view on SPFS and Whistleblowers legislation commencement.
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