The new financial year marks the starting date for significant changes in personal income tax rates, superannuation contributions and benefit limits and small business capital gains tax concessions. The new personal income tax rates at the lower end of the tax scale increase the 30% income threshold from 21 600 dollar to 25 000 dollar, with the top rate of 45% applying to income over 150 000 dollar (previously the highest rate of 47% applied at 95 001 dollar). Also the Low Income Tax Offset has beenincreased to 600 dollar and the income levels for those eligible for the Senior Australians Tax Offset has been lifted to 24,800 dollar for singles and 41,300 dollar for couples.
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