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Message: <blockquote data-quote="nicjosh83" data-source="post: 25735018" data-attributes="member: 569114">ඔව් බන් තියනවා Tax cuts for 11 million AustraliansAs expected, the second stage of the already legislated personal income tax cuts will be backdated to July 1 of this year instead of July 2022.A one-off additional benefit, worth up to $1080 per individual, will be also available to more than 10 million taxpayers.The offset was due to be removed with Stage 2 of the tax cut plan.It means low and middle-income earners will receive tax relief of up to $2745 for singles and $5490 for dual-income families this year compared to 2017-18 rules.Under the tax cuts:- Those earning up to $37,000 will be $510 better off- Those earning between $37,001 and $48,000 will be between $510 and $2160 better off- Those earning between $48,001 and $90,000 will be between $2160 and $2295 better off- Those earning between $90,001 and $126,000 will be $2295 and $2745 better offMore than 11 million Australians will receive the backdated tax cut and more than seven million of those will receive more than $2000 in relief.Stage 3 of the tax cut plan is legislated to be introduced July 2024. It will abolish the 37 per cent marginal tax rate, creating a 30 per cent tax rate for those earning between $45,000 and $200,000.The government says it will stick to the planned timetable for Stage 3 of the plan but could revisit it in the future. <a href="https://www.9news.com.au/national/federal-budget-2020-australia-tax-cuts-how-much-extra-cash-you-will-have-in-2020-2021/44e801dd-bd58-4987-8baa-2535fb56fb9a" target="_blank">https://www.9news.com.au/national/federal-budget-2020-australia-tax-cuts-how-much-extra-cash-you-will-have-in-2020-2021/44e801dd-bd58-4987-8baa-2535fb56fb9a</a></blockquote>

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