Tax Tips

  CHANGES TO PERSONAL INCOME TAX RATES

The government has announced it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from the 2021 income year). These changes involve: - Increasing the upper threshold of the 19% personal tax bracket from $37,000 to $45,000; and - Increasing the upper threshold of the 32.5% personal income tax bracket from $90,000 to $120,000.

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