Have you heard about the new tax offset for low to middle income earners?

Here’s the breakdown of how much you’re entitled to.

If your taxable income:

Does not exceed $37,000, you will be entitled to an offset amount of $255 on your tax payable.

Exceeds $37,000 but is not more than $48,000, you will be entitled to an offset amount of $255, plus 7.5% of the excess above $37,000 to a maximum offset of $1,080 on your tax payable.

Exceeds $48,000 but is not more than $90,000, you will be entitled to the maximum offset amount of $1,080 on your tax payable.

Exceeds $90,000 but is not more than $126,000, you will be entitled to an offset amount $1,080 less 3% of your taxable income above $90,000.

If you would like more information please feel free to contact us