Tax cuts - What they mean for you

TAX CHANGES FROM 2018/19 TO 2024/25

* From July 1, 2018

- New low- and middle-income tax offset worth up to $530 a year

- This offset will be available from 2018/19 through to 2021/22 as a lump sum after an assessment of an individual lodged tax return.

- A lift in the 32.5 per cent tax bracket from $87,000 to $90,000

* From July 1, 2022

- An increase in the existing low-income tax offset from $445 to $645

- An increase in the 19 per cent tax bracket $37,000 to $41,000

- A further lift to the 32.5 per cent tax bracket from $90,000 to $120,000

* From July 1, 2024

- The removal of the 37 per cent bracket

- Extending the 32.5 per cent tax bracket further from $120,000 to $200,000

WHAT IT MEANS FOR YOU FROM JULY 1, 2018

An individual on $30,000 will be $200 better off

$50,000 - $530

$85,000 - $530

$120,000 - $215

$200,000 - $135