Budget 2018 / 2019 Personal Income Tax Changes
Clear Vision • May 9, 2018
Personal Income Tax Plan
Targeted tax relief to low and middle income earners
The Government will introduce the Low and Middle Income Tax Offset, a non-refundable tax offset of up to $530 per annum to Australian resident low and middle income taxpayers. The offset will be available for the 2019, 2020, 2021 and 2022 income years and will be received as a lump sum on assessment after an individual lodges their tax return.
Protecting middle income Australians from bracket creep
The Government has proposed the following changes to the personal income tax rates:
- From 1 July 2018, the Government will increase the top threshold of the 32.5% personal income tax bracket from $87,000 to $90,000.
- From 1 July 2022, the Government will:
- Extend the 19% personal income tax bracket from $37,000 to $41,000; and
- Further increase the top threshold of the 32.5% personal income tax bracket from $90,000 to $120,000
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