Image: Colourbox
The updated tax relief calculator from the Ministry of Finance (bmf.gv.at/entlastungsrechner) is now available and shows the personal tax relief in the coming year. The finance department advertised this in a broadcast on Saturday. The online tool enables taxpayers to calculate their personal financial benefits by abolishing “cold progression”.
Also read: Cold progression: How families should now be relieved
Finance Minister Magnus Brunner (ÖVP) said he wanted to “encourage” every taxpayer to use the calculator. The individual relief can be determined by entering your personal gross or net wage.
Cold progression is history
Cold progression as a gradual tax increase in the area of wage and income tax was abolished at the beginning of the year. Since then, the tax brackets have been adjusted every year to reflect inflation so that taxpayers no longer slip into higher tax brackets as a result of annual wage increases. However, the adjustment of the tariff levels does not take place entirely, but only two-thirds automatically. What the government does with the remaining additional revenue is up to it.
The variable third will account for almost 1.2 billion euros next year. Around 800 million euros of this will now be relieved of the burden on the first four tax brackets and the deductions will be increased. The tariff levels are adjusted in stages, the first tariff level is increased by 9.6 percent, the following ones by 8.8, 7.6 and 7.3 percent. The limit for taxable income will increase from the current 11,693 euros to 12,816 euros next year, as Finance Minister Magnus Brunner (ÖVP) explained in the fall. The deductions are fully adjusted to the inflation rate.
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