NEWS - 2020/21 Budget Update | Optimo Pathfinder

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NEWS – 2020/21 Budget Update

New Tax Rules Are Implemented

NEWS: New Tax Rules Are Implemented

What does this mean?

On the 9th of October 2020, the following changes to tax were passed in Parliament, and are now available in Pathfinder:

The second stage of the Government’s Personal Income Tax Plan has been brought forward by two years to 1 July 2020.
The low and middle income tax offset (LAMITO) is retained for 2020/21.
For the Low income tax offset (LITO), the maximum offset is changed from $445 to $700 for years 2020/2021 and 2021/2022.
 
Update to Age Pension and Rent Assistance payments
‘A guide to Australian Government payments’ (September 2020) included the following changes which have also been included in this release:

Maximum government age pension payment and supplement for couple and single person increased as per latest publication.
Rent assistance updated as per latest publication.

Read The Release Notes Here
(Recommended).

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