This issue of Taxwise covers:
- phased reform of personal income tax relief for low and middle-income earners
- change to personal income brackets
- new low and middle-income tax offset introduced
- no Medicare levy increase “ stays at 2%
- additional funding being allocated to the ATO for compliance enforcement “ which may mean targeting work-related expenses
- small business $20,000 instant asset write-off extended
- black economy and illegal phoenixing activities targeted through increase in ATO funding
- overhaul of the research and development (R&D) tax incentive.