The Australian Government introduced new tax measures in the 2018 – 2019 Federal Budget as part of their Personal Income Tax Plan to help Australian Taxpayers by providing them with some ongoing & gradual tax relief.
As a reminder, here are some changes the Australian Government have made which will affect your 2019 income tax return and future years:
- A new low- and middle-income tax offset will provide
immediate tax relief of up to $530. This applies to the 2019 income tax return up until 2022.
- Progressive increases to income tax rate thresholds over the next seven (7) years.
- Reduction in the number of tax brackets in 2024 – 2025 to simplify the tax system. This will movie from five (5) brackets down to four (4).
- No increases to the Medical Levy
Keep an eye out for the next Federal Budget for 2020 due to be released at approximately 7.30pm (AEST) on Tuesday 2 April 2019, as the Treasurer commences his second reading speech.