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08 May 07 Low income offset

From 1 July 2007, the low income tax offset will increase from $600 to $750 per year. In addition, the income threshold at which the offset begins to reduce will increase from $25,000 to $30,000. As a result, some offset can be claimed up to an income of $48,750 compared to $40,000 currently. Those eligible for the full income tax offset will not pay tax until their annual income exceeds $11,000 (up from $10,000 currently).

For a copy of the Treasurer's press release, No 2007/34, 8 May 2007, go here

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