2019 Sunnyside Accountants all right reserved

ABN 37 123 048 635.

The tax cut proposals are designed to be implemented over a five year period with three key start dates:

 Immediately:   An Increase to the low and middle income tax offset providing up to $1080 for singles; up to $2160 for dual income families.

 

From 2022-23: An increase in the income tax threshold for the 19 per cent tax rate from $41,000 to $44,000 plus an increase in the low income tax offset from $645 to $700.

 

From 2024-25: A decrease in the 32.5 per cent tax rate to 30 per cent for Australians earning between $45,000 and $200,000.