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One of the key announcements for workers in the 2021-22 Federal Budget was income tax cuts. Here’s a summary.
Calling it a budget to “rebuild our economy and secure Australia’s recovery” Treasurer Josh Frydenberg has pledged a raft of key changes including ongoing tax relief for Australian workers.1
As a stimulus measure designed to support the economy’s recovery and build on the tax cuts brought forward in last October’s Federal Budget, the Treasurer announced that more than 10 million low- and middle-income earners will benefit from the extension of the low and middle income tax offset (LMITO) for another year to the 2021-22 financial year.
Please note that some of these announcements are yet to be legislated and may be subject to change. We will keep you updated on all proposals through the QSuper website. You can also access all Budget papers here.
The offset means many Australians will pay up to $1,080 less in tax.
Australians earning below $125,000 benefit from the LMITO which offers tax offsets of up to $1,080 for singles and $2,160 for dual income couples.
The LMITO was scheduled to expire at the end of the 2020-21 financial year, but its extension means that around 10.2 million Australians will have more money in their pockets come tax time next year.
How much you receive back depends on how much you earn, but this Budget initiative is set to cost the Government $7.8 billion.
Australians are also set to benefit from an additional $25.1 billion in tax cuts that were announced in previous Budgets.
The Federal Budget confirmed that Stage 3 tax cuts will remain on schedule to be introduced in 2024‑25.
Stage 3 means all Australians earning between $40,000 and $200,000 a year will face the same marginal tax rate of 30%.
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1. Australian Government, Budget 2021-22, Creating jobs and rebuilding our economy | 2021-22 Budget, at budget.gov.au
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