Below is a table showing the amount of rebate that you may be entitled to:
From the 2018-19 income year:
- The low and middle income tax offset increases from a maximum amount of $530 to $1,080 per annum and the base amount increases from $200 to $255 per annum
- Taxpayers with a taxable income:
- of $37,000 or below can now receive a low and middle income tax offset of up to $255
- above $37,000 and below $48,000 can now receive $255, plus an amount equal to 7.5% to the maximum offset of $1,080
- above $48,000 and below $90,000 are now eligible for the maximum low and middle income tax offset of $1,080
- above $90,000 but is no more than $126,000 are now eligible for a low and middle income tax offset of $1,080, less an amount equal to three per cent of the excess
Source: August 2019 newsletter Author: Kevin Dick
