The Federal Budget for 2020 announced personal and business tax relief through various tax cuts. The legislation was approved by parliament meaning that individuals and businesses will be paying less tax, and have more money to invest and spend into the economy.
For individuals, the government has brought forward tax cuts which were initially planned for 2022, now they will be backdated to July 2020. These cuts are set to amount to $17.8 billion and will assist low to middle-income earners.
What are the specifications?
Therefore, depending on which bracket an individual falls under, they will receive tax cuts as well as a one-off payment. These payments can vary from $510 to $2745 depending on which bracket the individual falls into. However, if their income is higher than $126,000, then they will not receive the one-off benefit.