Budget Paper No. 1 - 2020-21 Budget
The Government will bring forward Stage 2 of the Personal Income Tax Plan from 202223 to 202021. This stage involves: increasing the low income tax offset (LITO) from $445 to $700; increasing the top threshold of the 19 per cent bracket from $37,000 to $45,000; and increasing the top threshold of the 32.5 per cent bracket from $90,000 to $120,000. ................
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