With no announced changes in the Budget to the tax rates and offsets for 2023-24 income years and beyond, now is the time to do some tax planning for the current and future years. For the 2022-23 and 2023-24 income years, the rates and income thresholds that have applied since the 2021-22 income year will continue to apply. However, some individuals may find themselves paying more tax for the 2022 -23 income year due to the end of the Low and middle income tax offset (LMITO).
Click to read our article: Tax rates and offsets for 2023-24 and beyond (0.70 MB PDF)