Under the Government's changes, individuals will benefit from bringing forward the tax cutes in Stage 2 of its Plan, as well as a one-off additional benefits fro the low and middle income tax offset in 2020-21.
In 2020-21, a low and middle income earners will receive tax relief of up to $2,745 for singles, and up to $5,490 for dual income families. The majority of the benefit for 2020-21 will go to those on incomes below $90,000.
This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.
Last modified: Monday, October 26, 2020