Cash splash! How Budget tax cuts will be backdated to July this year giving Aussies tax relief of up to $2,565 and more money in their pay packet each month
Millions of Australians will keep more of their money this year as the government plans to backdate tax cuts. With the country in recession for the first time in almost three decades, income tax cuts originally earmarked for July 2022 are set to be backdated to July 2020. The stage-two cuts will benefit middle-to-high income earners, giving those earning $100,000 an extra $1,665 each year and those earning $120,000 an extra $2,565. Millions of Australians will keep more of their money this year as the government plans to backdate tax cuts. Pictured: A tradeswoman at work This is how much you will get back after stage two tax cuts compared with the 2017-18 financial year. Most of these changes are already in place after stage one tax cuts. The difference this time is that Aussies earning more than $100,000 will get $1,665 back and those on more than $120,000 will get $2,565 back. Under current tax rules those on $120,000 only get back $315 They build on stage-one cuts already introduce