10 November 2020 - GAP Accountants

Tax relief for individuals

The Government brought forward ‘Stage two’ of their Personal Income Tax Plan by two years, so that, from 1 July 2020:

  •  the low income tax offset increased from $445 to $700;
  •  the top threshold of the 19% tax bracket increased from $37,000 to $45,000; and
  •  the top threshold of the 32.5% tax bracket increased from $90,000 to $120,000.

In addition, in 2020/21, low and middle-income earners will receive a one-off additional benefit of up to $1,080 from the low and middle income tax offset.

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