Personal tax rates and offsets for 2023–2024 and beyond With no announced changes in the Federal Budget to personal tax rates and offsets for the 2023–2024 income year and beyond, now is the time to do some tax planning for the current and future years. For the 2022–2023 and 2023–2024 income years, the rates and […]
Personal tax rates unchanged for 2022–2023 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2022–2023 tax rates and income thresholds for residents are unchanged from 2021–2022: taxable income up to $18,200 – nil; taxable income of […]
FEDERAL BUDGET May 2021 PERSONAL TAXATION Low income offsets: LMITO and LITO retained for 2021–2022L Low and middle income tax offset The Government also announced in the Budget that the low and middle income tax offset (LMITO) will continue to apply for the 2021–2022 income year. The LMITO was otherwise legislated to only apply […]
Low income offsets: new LITO brought forward and LMITO retained The Government announced in the Budget that the new low income tax offset (LITO) will be brought forward to start as from the 2020–2021 income year. The new LITO was intended to replace the existing low income and low and middle income tax offsets as […]