TAX CHANGES FROM 2018/19 TO 2024/25
* From July 1, 2018
- New low- and middle-income tax offset worth up to $530 a year
- This offset will be available from 2018/19 through to 2021/22 as a lump sum after an assessment of an individual lodged tax return.
- A lift in the 32.5 per cent tax bracket from $87,000 to $90,000
* From July 1, 2022
- An increase in the existing low-income tax offset from $445 to $645
- An increase in the 19 per cent tax bracket $37,000 to $41,000
- A further lift to the 32.5 per cent tax bracket from $90,000 to $120,000
* From July 1, 2024
- The removal of the 37 per cent bracket
- Extending the 32.5 per cent tax bracket further from $120,000 to $200,000
WHAT IT MEANS FOR YOU FROM JULY 1, 2018
An individual on $30,000 will be $200 better off
$50,000 - $530
$85,000 - $530
$120,000 - $215
$200,000 - $135
