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Tax Relief in Budget 2018-19

Tax relief for low and middle-income earners will apply from 01 July 2018.

 

For 2018-19, people receiving up to $37,000 per year will get up to $200 back in their tax return, and those on up to $90,000 will receive a maximum of $530 back. It will be in addition to the current low income tax offset.

 

The government is changing income tax thresholds over the period of next seven years. That means 94 per cent of Australians will pay the marginal tax rate of 32.5%. There is no increase in the Medicare Levy.

 

Source: Budget 2018