Personal income tax cuts now law | North Advisory

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    Personal income tax cuts now law

    Posted by Northadvisory on July 8, 2019

    The Bill containing the three-stage personal income tax cuts package completed passage through parliament and is now law.

    The Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019 has received assent as Act No 52 of 2019 and fully implements the measure announced in the 2019 Federal Budget. The measure amends the tax law to lower taxes for individuals, including changes to the low and middle income tax offset (LMITO) from 2018/19 and the low income tax offset from 2022/23. The Bill also amends the personal income tax rates and thresholds from 2022/23.

    ATO administration of amendments

    The ATO is making system changes to ensure amendments to the LMITO will be taken into account for 2018/19 tax returns that have already been lodged such that taxpayers will receive the appropriate refunds reflecting their entitlement to the increased LMITO, according to income level and tax paid. The changes to the offset will also be taken into account for those yet to lodge their 2018/19 return.

    If you have any questions regarding the above matters, please do not hesitate to contact us. Read more Personal Wealth Management articles.

    Norman Ruan
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