The Budget is brimming with sizeable tax cuts for millions of Australians. This is how much money is headed back to your pocket. Budget2019
Treasurer Josh Frydenberg says 10 million Aussies will benefit from the changes — the only question is whether the government will still be around to implement them after next month’s election.People on this income level will continue to pay no income tax.Lower income earners can expect to receive a $55 tax cut in the 2019-20 financial year, which amounts to $1 a week. A solitary buck doesn’t go far these days.
With the average full-time worker earning between $80,000 and $90,000, millions of Aussies will be able to enjoy this cash splash. People on $90,000 also enjoy the highest cut of $550 with the amount of tax relief gradually reducing to zero for those on a taxable income of $126,000. But then the government wants to go a step further and abolish the second highest tax rate of 37c by lifting the 30c marginal tax rate threshold from $87,001 to $200,000.
This is a significant change to Australia’s progressive tax system, which is based on the principle that those who earn more should pay a higher percentage in tax. The most repeated line in the speech was that the government would create a stronger economy “without increasing taxes”. In fact, he used the phrase “without increasing taxes” 10 times in the speech.The tax cuts announced today will cost the government $19.5 billion in lost revenue over the next four years.
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