Tax cuts become law
The Government has announced that
more than 10 million Australians will receive immediate tax relief following
the passage of legislation through the Parliament, which increases the top
threshold for the 19% tax rate from $41,000 to $45,000 and increases the low
income tax offset from $645 to $700 in 2022/23.
In combination with the legislated removal of the 37% tax bracket in 2024/25, the Government is also “delivering structural reform to the tax system” by reducing the 32.5% tax rate to 30%.