The new financial year is coming, and the financial year of 2019 is packed with excitement for the taxpayers especially tax reform, as the government had announced and approved in the 2018-2019 budget that low-income tax offset for different tier tax brackets will be changed.
The whooping $158 billion tax cut package by the Coalition government will give the bang for the buck for your tax return, and this year, more than 65,000 taxpayers lodged their tax returns in anticipation of getting a fat tax refund from the Australian Taxation Office, in accordance with the ATO, Assistant Treasurer Michael Sukkar said:
“Today millions of taxpayers were eager to receive their tax cuts with the number of returns already submitted to the ATO exceeding the previous years”
The tax reform for the year means that lower and middle-income earners will receive up to $1080 in immediate tax relief at the end of the financial year. Hence with this in mind, most taxpayers in the tax bracket will receive a massive refund in their pocket.
In the following video, John Cheng from EndureGo Tax will explain to us how the recent Coalition Tax Reform will help you to get the most in lowering your tax position, meaning, if we do it right, we can get a fat tax return then what we are hoping for.
How would the recent tax reform help you to get the most tax refund from your tax return.
The current low-income tax offset was 445, and from 1 July 2018, it will be jumped to 530, further to this massive tax saving, the tax bracket for up to 120,000 income threshold from 41,001 will be decreased to 32.5%, 32.5 cents per dollar if you earning 119,000, that is very good.
Come and talk to EndureGo Tax, one of the most experienced and professional accountants and tax agents in Inner West Sydney and Adelaide, we will help you to put the bang on your tax return, and get the most tax position out for you in the return. Give us a call at 0410-829-900.