The former government legislated three stages of personal income tax cuts commencing FY19 with the final stage to commence 1 July 2024 unless the Albanese government legislates to overturn this which we believe would be a politically unattractive move. The changes will have a positive impact for many Australians and we will discuss the impact […]
On 6 October 2020, the Australian Government introduced personal income tax cuts as part of the 2020-21 Budget (to apply retrospectively from 1 July 2020). This is summarised below: Downsizer contributions are available to individuals who sell their main residence to be able to contribute another $300k within 90 days of receiving […]
Proposed Government Changes to Taxation Increase in personal income tax bracket thresholds: From 1 July 2018 the income threshold of the 32.5% tax bracket will change from $87,000 to $90,000. From 1 July 2022 the 19% tax bracket will change from $37,000 to $41,000 and 32.5% from $90,000 to $120,000. From 1 July 2024 removing […]