Employee Tax Cuts Pass Senate
In June the Senate passed personal income tax cuts in full giving a $144 billion windfall to income earners across Australia.
The income tax cuts come in 3 stages over 7 years:
Stage 1 starts on 1 July 2018 which gives low to middle income earners an additional $530 per annum, and increases the 32.5% tax bracket from $87,000 to $90,000.
Stage 2 starts on 1 July 2022, and would see the 19% tax bracket increase from $37,000 to $41,000, an increase in the low income tax offset from