You read that correct... a whopping $1,080.00 extra in your tax return...
Australian taxpayers could be entitled to receive an extra $1,080 when they lodge their 2019 tax returns.
If you want to skip to the fun part and get your extra money now... call us to book your tax return today! and see if you are entitled to this extra money.
The in's and out's, after the federal government secured crossbench support for its flagship package, A three staged plan will now flatten the tax rate to 30% for tax payers earning between $45,000 and $200,000 from mid-2024.
The first stage of the tax plan will deliver up to $1,080 to low and middle-income tax payers when they lodge their tax return for 2018/2019.
The second stage delivers a 19% tax rate from 2022/2023 to taxpayers earning up to $45,000.
WHAT DOES THIS MEAN TO YOU?
- a tax offset for taxpayers earning low to middle incomes will be doubled for the 2018/2019 and 2019/2020 financial years.
- the change means single taxpayers will get up to $1080, while dual-income families could score up to $2,160.
-Taxpayers earning up to $37,000 will receive up to $255
- Taxpayers earning between $37,000 and $48,000 will receive increasing increments to $1,080
-Taxpayer earning between $48,000 to $90,000 will receive the full $1,080
-Taxpayers earning between $90,000 to $126,000 will receive decreasing increments to $0
- from 2022/2023, the upper threshold of the 19% tax bracket will increase from $41,000 to $45,000
- from 2022/2023 the low income offset will in increased from $645 to $700
- From 1st July 2024, the 32.5% tax bracket will reduce to 30%
-the change will mean taxpayers earning between $45,000 and $200,000 will be on the 30% tax rate.