2020 Budget Update for individuals
From 1 July 2020, the tax rates have been lowered and they will effect everyone across all income groups.
Income up to $18,200 is tax free and there is no change here. 19% tax will be payable up to taxable income of $45,000. The 32.5% slab will go up to $120,000 instead of $90,000.
A welcome tax relief for everyone.