| Personal income tax (PIT) |
Paid on the total income people receive over the tax year. There are five income tax brackets, four of which are defined by an upper income threshold. Income tax rates are higher in each successive bracket. |
Income tax brackets will change. The thresholds will increase to $15,600, $53,500 and $78,100 per annum. |
| Independent earner tax credit (IETC) |
Tax credit for individuals in paid work who don't receive Working for Families, main benefits or Superannuation. |
Eligibility extended to those earning up to $70,000 per annum. |
| In-work tax credit (IWTC) |
Tax credit for working families with dependent children. |
Tax credit increases by up to $50 per fortnight per family. |
| Minimum family tax credit (MFTC) |
Tax credit for low‑income working families with dependent children (additional to the IWTC). |
The MFTC increases to allow recipients to benefit from the PIT changes. |
| FamilyBoost |
Families earning under $180,000 per annum with children in early childhood education (ECE) can claim a refund on fees. |
25 per cent of ECE fees refunded up to a maximum of $150 per family per fortnight for families earning under $180,000 per annum. |