SAPTO can help retirees reduce their tax bill but working out whether you are eligible and for how much is far from straightforward.
The majority of Australians are already enjoying tax cuts and increased financial support in the form of tax offsets, with more to come.
LMITO is here for another year, saving taxpayers up to $1,080, so catch it if you can.
Low-income earners may be eligible to reduce their tax bill by as much as $700, without lifting a finger. Check our guide to who’s eligible and for how much.
The amount of tax you pay will depend on your assessable income less a host of tax deductions and offsets. Here are the latest rates and thresholds.
With all the announcements on tax over the past few days it’s hard to keep track. So here goes. A year ago the then treasurer Scott Morrison unveiled a “seven year personal tax”.
The Morrison government has delivered an election-launch budget with big personal income tax handouts to attract voters and a A$7.1 billion 2019-20 surplus to display its economic credibility.
For the government this “election budget” is an exercise in juggling. On the one hand, it is throwing out voter bait. On the other, it is running hard on the theme of economic responsibility.
Talk about retrospective. In his determination to quickly inject money into the economy (for economic as well as political reasons), Treasurer Josh Frydenberg has reached back in time to give us an extra tax cut on income already earned during the financial year that’s about to finish.