Individual income tax cuts

Following the coalitions election victory, the tax cuts budget has been passed. The following tax benefits are available to you in your 2018-19 tax return depending on your taxable income.

If you earned:

Under $37,000 – you will get $255 back.
Between $37,000 and $48,000 – $255 back plus 7.5% of what is over $37,000 (so that’s between $255 and $1,080).
Between $48,000 and $90,000 – $1,080 back, flat. No calculations needed.
Between $90,000 and $126,000 – $1,080 back but minus 3% of what is over $90,000 (so between $1,080 and $0).
Over $126,000 – zero.

Please contact R.E.M accountants and tax professionals to lodge your tax return and claim a bigger refund this year!