A new low and middle income tax offset applies for 2018–19, 2019–20, 2020–21 and 2021–22 income years.
Australian resident individuals (and certain trustees) whose income does not exceed $125,333 are entitled to the new low and middle income tax offset. Entitlement to the new offset is in addition to the existing low income tax offset, and is available on assessment after you lodge your income tax return.
If your income:
> does not exceed $37,000 you are entitled to $200
> exceeds $37,000 but does not exceed $48,000, you are entitled to $200 plus 3% of the amount of the income that exceeds $37,000
> exceeds $48,000 but not $90,000, you are entitled to $530
> exceeds $90,000 you are entitled to $530 less 1.5% of the amount of the income that exceeds $90,000.