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.

Source: The Nation July 08, 2021 03:56 UTC