LOWER TAXES FOR HARD-WORKING AUSTRALIANS – PERSONAL INCOME TAX PLAN.

The Government’s changes to the Personal Income Tax Plan as announced in the 2019–20 Federal Budget, are now law.​
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Our software is up to date and the following rebates are included in the tax returns we have prepared so far. For an appointment please contact Peter directly on 0407 841 643 or via our website; www.amobiletaxservice.com.au​
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The ATO is implementing the necessary system changes so taxpayers that have already lodged their 2018-19 tax return will receive any increase to the low and middle income tax offset they are entitled to. Any tax refund will be deposited in the taxpayers nominated bank account. You will not need to request an amendment.​
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Assessments for returns already lodged are expected to start to issue from Friday 12 July and into the following week, which is in line with the normal processing of refunds for this time of year.​
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The legislation introduces changes to income tax thresholds and tax offsets.​
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As a non-refundable offset, any unused low and middle income tax offset cannot be refunded. The low and middle income tax offset will directly reduce the amount of tax payable but does not reduce the Medicare levy. If not all the offset is used to reduce the tax payable, there is no refund of any unused portion.​
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To get an estimate of the amount of tax you will need to pay, use the Income tax estimator.​
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From the 2018–19 income year:​
a) Increase the low and middle income tax offset from a maximum amount of $530 to $1,080 per annum and increase the base amount from $200 to $255 per annum​
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b) Taxpayers with a taxable income which does not exceed $37,000 will receive a low and middle income tax offset of up to $255​
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c) Taxpayers with a taxable income which exceeds $37,000 but is not more than $48,000 will receive $255, plus an amount equal to 7.5 per cent to the maximum offset of $1,080​
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d) Taxpayers with a taxable income which exceeds $48,000 but is not more than $90,000 will be eligible for the maximum low and middle income tax offset of $1,080​
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e) Taxpayers with a taxable income which exceeds $90,000 but is not more than $126,000 will be eligible for a low and middle income tax offset of $1,080, less an amount equal to 3 per cent of the excess.​
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Further changes are expected from the 2022 – 2023 income year.​
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For the latest updated information, please refer to our website also or contact Peter directly on 0407 841 643 to arrange an appointment.​
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