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HOW MUCH ARE YOU GETTING BACK?

Those earning $48,000 to $90,000 will see their tax cuts double from $530 to $1,080. 

Part-time workers earning less than $37,000 a year are getting a smaller tax cut of $255, or just $4.90 a week.

Stage one increases the threshold for the 32.5 per cent personal income tax bracket from $87,000 to $90,000, over four years until 2022

Stage two, from July 1, 2022, will increase the 19 per cent personal income tax bracket from $41,000 to $45,000. It also raises the 32.5 per cent personal income tax bracket from $90,000 to $120,000

Stage three will see the 37 per cent tax bracket abolished from July 1, 2024 and a new 30 per cent tax bracket created for all individuals earning between $45,001 and $200,000. The number of tax brackets will be slashed from five to four for the first time since 1984

 

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