The Government is lowering taxes for hard-working Australians to ease the cost of living and reward effort.
Based on an annual taxable income* of $, in 2018-19 you will receive tax relief of $ and pay $ in personal income tax.
2018-19
2019-20
2020-21
2021-22
Annual reduction in tax: $0
Annual tax liability: $0
2022-23
2023-24
Annual reduction in tax: $0
Annual tax liability: $0
2024-25
onwards
Annual ongoing reduction in tax: $0
Annual tax liability: $0
Combined tax relief** received from 2018-19 to 2024-25: $
* taxable income is equal to an individual’s assessable income (such as salary and wages and interest from bank accounts) minus their allowable deductions.
** combined tax relief is the combined annual tax relief provided by the enhanced plan for the chosen annual taxable income over the period of 2018-19 to 2024-25, compared with 2017-18 settings.
The table provides stylised cameos based on the taxable income of an individual. The reduction in tax and tax liability are calculated only taking into account the basic tax scales, the low income tax offset, the low and middle income tax offset and the Medicare levy (with 2017-18 thresholds for a single individual). Actual outcomes for many individuals and households would differ.
The tool is for illustrative purposes only. The estimates are presented in comparison to 2017-18 settings. As such, it considers the combined personal income tax relief provided by the Personal Income Tax Plan in both the 2018-19 and 2019-20 Budgets.
An individual’s circumstances may result in an actual tax outcome different than that generated by the estimator.