July 2018 Newsletter
Parliament has passed the Government's Personal Income Tax plan, meaning that the first stage
of the proposed income tax cuts will start to take effect from 1 July 2018.
According to the Prime Minister, taxes "will now be lower, fairer and simpler".
The Government's plan has three steps:
1. The Government will introduce the Low and Middle Income Tax Offset (in addition to the Low Income Tax Offset) from 1 July 2018, being a
non-refundable tax offset of up to $530 per annum to Australian resident low and middle income taxpayers (apparently over 10 million
taxpayers will get at least some tax relief from this new offset in 2019 income year).
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