According to the recent Federal Budget, the Government is delivering a further $7.8 billion in personal income tax cuts. The tax cuts will support more than 10 million low- and middle-income earners worth up to $1,080 for individuals or up to $2,160 for couples.

The budget announced an additional year of the low- and middle-income tax offset (LMITO). Tax savings over the entire 4 year plan will provide tax cuts of up to $7,020 for individuals. For couples, tax savings will be up to $14,040 for couples. The LMITO package will run from 2018-19 to 2021‑22.

Make an appointment with one of our dynamic team members to help lodge your 2021 income tax return and get all your refund entitlements..

Reference: The Treasury, 06 October 2021, accessed 20 May 2021, <http://budget.gov.au>