The new financial year is approaching, bringing exciting changes for taxpayers—especially with the latest tax reform. The government announced and approved adjustments to the low-income tax offset in the 2018-2019 budget, affecting different tax brackets.
A $158 Billion Tax Cut Package
The Coalition government’s $158 billion tax cut package promises significant benefits for taxpayers. This year, more than 65,000 taxpayers have already lodged their tax returns, anticipating a substantial refund from the Australian Taxation Office (ATO). Assistant Treasurer Michael Sukkar highlighted this surge, stating:
“Today, millions of taxpayers were eager to receive their tax cuts, with the number of returns already submitted to the ATO exceeding previous years.”
How Tax Reform Benefits You
The tax reform for 2019 ensures that lower- and middle-income earners receive up to $1,080 in immediate tax relief at the end of the financial year. As a result, most taxpayers in these brackets can expect a significant refund, putting more money back in their pockets.
Maximize Your Tax Return with EndureGo Tax
In the following video, John Cheng from EndureGo Tax explains how the Coalition’s Tax Reform can help you minimize your tax liability and maximize your return. By leveraging the right strategies, you can secure a bigger tax refund than expected.
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.
