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 plans 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 relief from this new offset in 2019 income year).
Read more: Practice Update July 2018 Newsletter.pdf