Income Tax Point-in-Time Service Updates

Monday 8 July 2019 @ 9.43 a.m.

The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Act 2019 (Cth) (Act 52 of 2019).

Act 52 of 2019

Schedule 1 to this Act amends the income tax law to increase the base and maximum amounts of the low and middle income tax offset to $255 and $1,080, respectively, for the 2018-19, 2019-20, 2020-21 and 2021-22 income years; and increase the amount of the low income tax offset from 2022-23.
Schedule 2 to this Act amends the income tax law to reduce the tax payable by individuals in 2022-23 and later income years by increasing income tax rate thresholds and in 2024-25 and later income years by lowering income tax rates.

These amendments have been updated in the Point-in-Time Income Tax Service current to 7 July 2019. (NB: subscription required).

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