|First published: June 28|
All Australian taxpayers will benefit from the cuts, but it will be more than six years before the package is rolled out in full.
The package is being introduced in three stages:
From 1 July 2018
Taxpayers will receive the tax offset when they lodge their Income Tax Returns for the 2018/19 year and onwards.
From 1 July 2022
From 1 July 2024
According to the ATO’s tax calculator, a taxpayer with an income of $60,000 per annum will pay $530 less in tax in 2018/19, rising to $540 in 2024/25 onwards.
A taxpayer on $100,000 will be better off by $515 in 2018/19, and pay $1,125 less in tax from 2024/25 onwards.
You can calculate how much tax you’ll save at https://www.budget.gov.au