The tax-free threshold remains as $18,200, however, the low-income tax offset has been significantly reduced from 01.07.2022 to a possible $700 down from the possible $1500 in 2021/2022
If your taxable income is under the tax-free threshold, there are reasons why they may still need to lodge an income tax return. The most common reason would be that you have pay as you go (PAYG) tax and do require to complete complete a tax return to claim any monies.
Income tax rates 2021/2022 ATO tax rates are www.ato.gov.au/rates/individual-income-tax-rates/
Contact the team at South East Access for more information on your personal income tax return.
