Refunds of up to $1080
650,000 people have already lodged their tax returns and the Australian government is working overtime to process the 2019 tax refund into people’s nominated bank accounts. The new tax offset recently passed in Australia, provides an offset of up to $1080 for middle-income earners (incomes between $48,000 and $90,000).
That relief comes in the form of the The Low and Middle Income Tax Offset or “Lamington” (a cheque worth up to $1080 a year in your tax return) which will apply to people earning up to $126,000 a year – 70 per cent of taxpayers – over the next three years, when they lodge their tax return.
Tax savings are as follows:
|Taxable income||Tax saving|
|$37,000 or less||Up to $255|
|$37,000 – $48,000||Offset increases at a rate of 7.5c per $ to a maximum offset of $1,080|
|$48,000 – $90,000||$1,080|
|$90,000 – $126,000||Offset phases out at 3c per $1|
How to get your refund