Sheppard Hanson & Co, Tax Accountants, Cannon Hill, Tingalpa
Written by Sheppard-Hanson-Accountants on July 24, 2018 in Practice Updates

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

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