In the Budget, Treasurer Josh Frydenberg extended low and middle-income tax offsets for 10million people earning up to $126,000. More than 10million Australians should start receiving tax cuts of up to $1,080 during the next few days. The new financial year started on July 1 which means tax cuts should start arriving next week. The low and middle-income tax offsets were extended for another year in the May Budget at a cost of $7.8billion, providing relief of between $255 and $1,080. The number of tax brackets is also being trimmed from five to four for the first time since 1984 as part of the stage three tax cuts announced in 2019.
