Low- and middle-income earners will receive a benefit of up to $1,080 for low- and middle-income earners to support consumption growth and ease the cost of living pressures. That's up to $2,160 for a dual income family.
“Taxpayers will be able to access the offset after they lodge their end of year tax returns from 1 July 2019, which is in just 13 weeks' time,” he announced.
The tax relief of up to $1,080 for singles or up to $2,160 for dual income families will be available for 2018-19, 2019-20, 2020-21 and 2021-22 income years.
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.
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