Individual Tax

Review by Accountants & Tax Agents Pty Ltd Julius Mather – Managing Director

Income tax rates

We see in this Federal Budget a modest attempt to address the current bracket creep via the announced proposal to increase the threshold at which the second-highest marginal tax bracket of 37 per cent begins to apply, from $80,001 to $87,001. According to the Government’s modelling, this will prevent approximately 500,000 taxpayers from entering this tax bracket until the 2019-20 income year.

(more…)