WHERE IS MY $1,080?

The Government has announced an increase to the “low and middle-income earner” tax offset. The reality of this change is:

Tax Offsets were already in place, for taxpayers.
The Federal Government has changed the amounts of Tax Offsets.
It actually only increases for taxpayers with taxable incomes between $37,001 to $125999. Some examples are listed below:

For a taxable income of $ 37,000 in 2018, your tax offset was $ 445
For a taxable income of $ 37,000 in 2019, your tax offset is $ 255
(Less tax offset for the lowest income tax bracket)

For a taxable income of $ 48,000 in 2018, your tax offset was $ 280
For a taxable income of $ 48,000 in 2019, your tax offset is $ 800

For a taxable income of $ 90,000 in 2018, your tax offset was $ 0
For a taxable income of $ 90,000 in 2019, your tax offset is $1080

For a taxable income of $100,000 in 2018, your tax offset was $ 0
For a taxable income of $100,000 in 2019, your tax offset is $ 780

 

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