What you need to know about the budget for your personal tax return
On the 29th March, the treasurer delivered the federal budget for 2022-2023.
You might be wondering how this year’s budget might make a difference to your tax return.
Here are some of the changes that might affect your income tax:
- Low and middle income earners will receive an added one-off tax offset payment of $420. This means all low and middle income earners will receive a maximum offset benefit of $1500. It will only be available in the 2022 financial year.
- The Medicare levy low-income threshold has been increased, which means more low income earners will be exempt from paying the Medicare levy.
- The costs of taking a COVID-19 test needed to attend work will be tax deductible from 1st July 2021. This means you can claim the cost of any RATs or PCR tests you have purchased to go to work in the 2022 financial year.