Families with children are set to pocket an average of more than $3.000 next financial year from tax cut changes, according to the latest Treasury analysis.
Across all Australian households, the average tax cut will be more than $2,000, or more than $40 per week.
and to help those struggling with cost of living pressures were cleared by federal parliament earlier this year.
Pushing to pass the legislation in February, Prime Minister Anthony Albanese said it would allow low and middle-income earners to .
Australians earning less than $150,000 will get a larger return than was promised under the original stage three tax cuts, which were legislated in 2018.
Those earning more than $150,000 will still receive a tax cut, but it will be less than originally planned.
The tax cut changes will come into effect next financial year. Source: SBS News
Treasurer Jim Chalmers said — with a focus on families and middle Australia — would roll out to millions of Australians from Monday week.
“The mums and dads of middle Australia will be among the biggest beneficiaries of our tax cuts and energy rebates,” he said in a statement on Saturday.
“Our economic plan is all about helping Australians earn more and keep more of what they earn and that’s why we’re focused on strong and sustainable wages growth and cost of living tax cuts which will kick in from 1 July.”