Tax relief for individuals

The Government brought forward 'Stage two' of their Personal Income Tax Plan by two years, so that, from 1 July 2020:

  • The low-income tax offset increased from $445 to $700.

  • The top threshold of the 19% tax bracket increased from $37,000 to $45,000: and

  • The top threshold of the 32.5% tax bracket increased from $90,000 to $120,000

In addition, in 2020/21, low and middle-income earners will receive a one-off additional benefit of up to $1,080.

10 views0 comments

Our professional and caring staff is dedicated to delivering only premium quality and comprehensive financial services. This is one of the highest priorities of our company.



Subscribe to our Blog

© 2020 Turners Accountants. All Rights Reserved. Privacy Policy.

  • LinkedIn