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Personal Income Tax The centrepiece of this year’s Budget is the Government’s seven year Personal Income Tax Plan. Step 1 of the plan provides immediate tax relief for low and middle income earners through a targeted non-refundable offset, on top of the low income tax...

Income tax is levied on taxable income, which is calculated as assessable income less allowable deductions. Gross tax on taxable income is reduced by tax offsets, to arrive at net tax payable or refundable. The Australian Taxation Office (ATO) publishes lists of...