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
3 Subsection 61-115(1) (table)
Repeal the table, substitute:
|
Amount of your tax offset |
||
|---|---|---|
|
Item |
If your relevant income: |
The amount of your tax offset is: |
|
1 |
does not exceed $37,500 |
$700 |
|
2 |
exceeds $37,500 but is not more than $45,000 |
$700, less an amount equal to 5% of the excess |
|
3 |
exceeds $45,000 but is not more than $66,667 |
$325, less an amount equal to 1.5% of the excess |
4 Application of amendments
The amendments of sections 61-105 and 61-107 of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to assessments for the 2018-19, 2019-20, 2020-21 or 2021-22 income year.