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One of the key announcements for workers in the 2020-21 Federal Budget was income tax cuts. Here’s a summary.
Calling it a budget to “rebuild our economy and secure Australia’s future” Treasurer Josh Frydenberg has pledged a raft of key changes including tax relief for Australian workers.
Technically, the government is bringing forward previously announced changes to personal income tax that were scheduled to be implemented from 1 July 2022.
From 1 July 2020:
The Government will also provide additional targeted support to low- and middle-income Australians. In 2020-21, low- and middle-income earners will receive a one-off additional benefit of up to $1,080 from the low and middle income tax offset (LMITO).
The Government estimates more than 11 million Australians will benefit from these measures across two years.
Source: Budget.gov.au for 2020-2021. The table provides stylised cameos based on the tax payable for an individual, excluding any transfer payments. The tax liability and tax relief are calculated only taking into account the basic tax scales, the low income tax offset, the low and middle income tax offset and the Medicare levy (with 2017-18 Medicare levy single low-income threshold). Actual outcomes for many individuals and households would differ.
Additional simplification of marginal tax rate thresholds is planned for the 2024-25 financial year. You can download the government’s tax fact sheet here.
You can access all Budget papers here, and access QSuper’s summary of Budget announcements here.
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Summary of Budget 2020: Your future, your super