Low and middle income tax offset now law
Changes are now law
In the 2019–20 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan.
These changes are now law.
From the 2018–19 income year:
- The low and middle income tax offset increases from a maximum amount of $530 to $1,080 per annum and the base amount increases from $200 to $255 per annum.
- Taxpayers with a taxable income:
- of $37,000 or below can now receive a low and middle income tax offset of up to $255
- above $37,000 and below $48,000 can now receive $255, plus an amount equal to 7.5% to the maximum offset of $1,080
- above $48,000 and below $90,000 are now eligible for the maximum low and middle income tax offset of $1,080
- above $90,000 but is no more than $126,000 are now eligible for a low and middle income tax offset of $1,080, less an amount equal to three per cent of the excess.
The need for tax planning
Flor-Hanly works proactively with their commercial and agribusiness clients to make sure that they are not only meeting their taxation obligations, but also to make sure they are not paying too much tax.
Contact our accounting team on (07) 4963 4800 or email to arrange a complimentary discussion about how we can work with you.