Low and middle income tax offset passes parliament

| July 8, 2019

The government’s income tax cuts package passed through the Parliament late last week and the ATO said it is implementing the necessary system changes so taxpayers that have already lodged their 2018-19 tax return will receive any increase to the low and middle income tax offset they are entitled to.

“Refunds for returns already lodged are expected to start to issue towards the end of this week, which is in line with the normal processing of refunds for this time of year,” the ATO said in a statement.

“Those who are yet to lodge their tax return will have any offset they are entitled to taken into account during the normal processing of their return.

“The amount of the offset you may be entitled to, and the amount of any refund will differ for everyone depending on individual circumstances such as your income level and how much tax you have paid throughout the year.”