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LOW INCOME TAX OFFSET
30 June 2024
Conditions:
1. You must be an Australian resident for tax purposes.
2. Your taxable income must be < $66,667.
3. The government has amended the law to exclude minors.
If < 18 years old then the offset does not apply to 'unearned income'.
Minors with income from working can apply the low income tax offset to their wages.
Tax Offset Calculation:
NET TAXABLE INCOME TAX OFFSET
< $37,500 $700
< $37,500 < $45,000 $700 less (net income - $37,500) x 5 cents
> $45,000 < $66,667 $325 less (net income - $45,000) x 1.5 cents
> $66,667 Nil
INDIVIDUALS WITH TAXABLE INCOME UP TO $20,542 WILL PAY NO TAX
Individuals tax payable on $21,884 = ($21,884 - $18,200 (tax free threshold)) x 19 cents
= $700 less low income tax offset $700 = Nil
Google ATO Low-income tax offset
We have clients from the following locations:
Brisbane, Gold Coast, Sydney, Newcastle, Sunshine Coast, Cairns, Canberra,
Melbourne, Adelaide, Perth, Darwin.
Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor,
Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle
Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.
Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba,
North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie
Island, Elimbah, Kippa-Ring.
Disclaimer
The information provided in the above documents is not intended to
be, nor should it be construed as tax advice. Any specific
recommendation for a client can only be done after their individual
circumstances have been determined by David Douglas Accountants.
We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.
Liability limited by a scheme approved under Professional Standards legislation