Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Act 2019 (52 of 2019)
Schedule 1 Low and Middle Income tax offset and Low Income tax offset
Income Tax Assessment Act 1997
2 Subsection 61-107(1) (table)
Repeal the table (not including the note), substitute:
|
Amount of your tax offset |
||
|---|---|---|
|
Item |
If your relevant income: |
The amount of your tax offset is: |
|
1 |
does not exceed $37,000 |
$255 |
|
2 |
exceeds $37,000 but is not more than $48,000 |
$255, plus an amount equal to 7.5% of the excess |
|
3 |
exceeds $48,000 but is not more than $90,000 |
$1,080 |
|
4 |
exceeds $90,000 but is not more than $126,000 |
$1,080, less an amount equal to 3% of the excess |