The sweeping tax cuts package passes senate last night, meaning you may be getting up to an extra $1080 in your pocket from this years tax return!
💰 Hang on, what are you on about?
As part of the Federal Budget Release, the Govt announced immediate relief to low- and middle-income earners providing relief for up to $1,080 in this years tax return if they got re-elected. They certainly did get re-elected, and last night the package passed through the senate meaning you may be getting some extra cash in your wallet.
💰 I love more money, but what are they doing this for?
It’s all part of their plan to lower taxes for a stronger economy. Prime Minister ScoMo has said the Govt had delivered its promise “to build a better tax system and provide more tax relief to hardworking Australians”, and that “As a result, low and middle income earners will keep more of what they earn and have more money in their pockets. This will ultimately boost household consumption, which will be good for the overall economy,”.
💰 When will I be getting this extra cash?
The ATO is apparently ready and raring to go. From next week, the Australian Taxation Office will begin flushing through the $1080 tax offset for Australians earning between $48,000 and $90,000 a year. Once you lodge your tax return, starting from as early as next week, you’ll get it just days after.
💰 What happens if I have already lodged my tax return?
Good on you for being so diligent! Don’t worry – You won’t miss out. The ATO will automatically update and process this for you – No need to put in another tax return.
💰 How will this affect me?
It will look a little something like this:
If you earn $0 – $37k … Up to $255 extra
If you earn $37k – $48k … Between $255 – $1080
If you earn $48k – $90k … $1080 extra
If you earn $90k – $126k … Gradual decrease from $1080 to $0
Detailed report here on news.com.au – ‘The Government’s sweeping tax cuts passes Senate.”