Tax Returns 2019

New changes in Tax return 2019

Personal Income Tax Plan

The Government’s Personal Income Tax Plan, as announced in the 2018-19 Federal budget, has been passed. External Link by Parliament. There will be:

• changes to income tax rate thresholds in the 2018-19, 2022-23- and 2024-25-income years
• a new low and middle income tax offset to reduce the tax payable by low and middle income earners in the 2018-19, 2019-20, 2020-21 and 2021-22 income years
• a new low income tax offset from the 2022-23 income year (to replace both the new low and middle income tax offset and the current Low Income Tax Offset ).

Fringe benefits tax – rates and thresholds

This information contains fringe benefits tax (FBT) rates and thresholds for the 2016–17 to 2018–19 FBT years.

The FBT year runs from 1 April to 31 March.

Certain rates and thresholds are referenced from the relevant taxation determination

Pay by instalments threshold

If your FBT liability for the last year was $3,000 or more, you will need to pay four quarterly instalments.