The much talked about increase in the tax offset from $530 to $1,080 has passed through the Senate on Thursday the 4 July 2019.
From the 2018-2019 tax year the Government has increased the low and middle income tax offset from a maximum of $530 to $1,080 and from the minimum of $200 to $255.
Taxpayers with a taxable income under $37,000 will receive a tax offset of up to $255 and taxpayers with a taxable income between $37,000 and 90,000 will be eligible to receive up to $1,080.
The Australian Taxation Office (ATO) is expecting to start processing the tax offsets for eligible taxpayers and issuing the additional credits from 16 July 2019.
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