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- Employment and the 457 visa
- Exciting new service offering at YML!
- Right Corporate Structuring
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- Six Things that Can Keep a Business from Growing
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- 2015 Federal Budget Report
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- Prepaying Interest
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- Low and Middle Income Earners – Tax Offsets
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New Tax Relief Introduction – Parliamentary Bill 2019The Australian Government’s new personal income tax cuts were passed in Parliament on 4 July 2019. Moderately reduced tax offsets are benefiting many employees immediately in their 2019 financial year tax returns.
Changes for the 30 June 2019, 30 June 2020, 30 June 2021 and 30 June 2022 year
Low and Middle Income Tax Offsets
Taxpayers may be eligible for the Low and Middle Income Tax Offset if their taxable income is less than $126,000 and if they are an Australian resident for income tax purposes and their taxable income is within the ranges below:
The offset can only reduce the amount of tax payable by taxpayers to zero and will not reduce the Medicare Levy.
The current rates for the Low Income Tax Offset is in addition to the Low and Middle Income Tax Offset.
Changes for the 30 June 2023 and 30 June 2024 years
The following table reflects changes in the tax rates for individuals for the 30 June 2023 and 30 June 2024 years:
From financial year 2025
A third phase of income tax changes is proposed to benefit those workers earning significantly more than the average wage.
Changes would include the removal of a tax threshold and a tax rate cut for another threshold, resulting in four tax thresholds – instead of the current five – and the 32.5 per cent tax rate being cut to 30 per cent.
The 19 per cent tax rate would apply up to $45,000 per annum income – instead of up to the current $41,000 per annum income – and those workers earning more than $45,000 would be taxed at 30 per cent after $45,000 up to $200,000.
The following table reflects the new tax rates for individuals for the 30 June 2025 year:
Low income workers and those on Newstart will not benefit from the new Bill.
Employer PAYG Obligations
Keeping up-to-date with your employees’ income tax obligations ensures accurate PAYG withholding tax obligations are met and reported to the ATO.
How can YML help?
Talk to our Accountants today to see how YML Chartered Accountants can assist you with your PAYG obligations. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.