The new financial year is coming, and the financial year of 2019 is packed with excitement for the taxpayers, 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 had lodged their tax returns in anticipation to get 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 upto $1080 in immediate tax relief this end of financial year. Hence with this in mind, most taxpayers on 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 than what we are hoping for.
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, as one of the most experienced and professional accountant and tax agent in Inner West Sydney and Adelaide, we will help you to put the bang into your tax return, and get the most tax position out for you in the return. Give us a call on 0410-829-900.