With the country in recession for the first time in almost three decades, income tax cuts originally earmarked for July 2022 are set to be backdated to July 2020. Millions of Australians will keep more of their money this year as the government plans to backdate tax cuts. Pictured: A tradeswoman at workThis is how much you will get back after stage two tax cuts compared with the 2017-18 financial year. The third stage of tax cuts abolishes the 37 per cent tax bracket and creates a 30 per cent tax bracket for those earning $45,001 and $200,000. Sources told the AFR that stage two and stage three tax cuts will be presented to parliament in a single bill.

Source: Daily Mail October 04, 2020 23:46 UTC