Budget 2020/2021: Proposed Individual Tax Rate Changes

Personal Income Tax Rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, these changes now apply from 1 July 2020 (2021 FY).

These changes are illustrated in the following table (which excludes the Medicare Levy).

Changes to the Low Income Tax Offset

The Government announced that it will also bring forward the changes that were proposed to the LITO from 1 July 2022, so that they will now apply from 1 July 2020 (2021 FY), as follows:

For any clarification needed or queries you may have please call us at the office on 07 4151 8898.

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