Low and middle-income earners will soon keep more of what they earn after revamped tax cuts cleared federal parliament . Labor’s amended tax package was endorsed by the Senate on Tuesday evening after receiving backing in the lower house. Australia ns earning less than $150,000 will get a larger return than was promised under the so-called stage three tax cuts , which were legislated in 2018. Those earning more than $150,000 will still receive a tax cut but it will be less than originally planned.
The changes are set to take effect from July 1. Calling a late media conference to celebrate his political win, Prime Minister Anthony Albanese said the tax cuts were aimed at “middle Australia” and would help people struggling with the cost of living pressures. “This is a huge win for all 13.6 million Australian taxpayers,” he told reporters in Canberra. “Under Labor, Australians are earning more and they will get to keep more of what they earn.” The coalition would not stand in the way of lower taxes and more relief for struggling households, Liberal senator Jane Hume told parliamen
Tax Cuts Federal Parliament Low-Income Earners Middle-Income Earners Australia