Tax cuts have come into effect today, six months after the Federal Government released its revised ‘Stage 3’.
It means that you will be paying less tax each pay cycle.
New tax cuts
Australia has a “progressive” tax system, which means the more you earn, the more tax you pay. You don’t pay tax for the first $18,200 earned in a year.
Every dollar earned above that is taxed.
In 2019, the then-Coalition Government legislated, which the Labor Government revised when they came to power. Today the cuts come into place.
The new tax rates, starting today
No tax
16 cents for every dollar in this range
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30 cents for every dollar in this range
37 cents for every dollar in this range
45 cents for every dollar in this range
The old tax rates
No tax
19 cents for every dollar in this range
32.5 cents for every dollar in this range
37 cents for every dollar in this range
45 cents for every dollar in this range
