Treasurer Josh Frydenberg declared he could not do more to deliver the benefits any faster even though the changes to tax rates are being backdated to July 1, holding out the promise of bigger tax refunds for some workers.
The ATO, having been assured of the bipartisan support, issued a statement on Wednesday saying it was ready to apply the changes to pay-as-you-go income tax and would work with providers of payroll software. The benefits to be delivered through the new tax schedules include an increase in the threshold for the 19 per cent tax bracket, which rises from $37,000 to $45,000, and an increase in the threshold for the 32.5 per cent tax bracket, which rises from $90,000 to $120,000.
The government argues many workers are benefiting from tax cuts in three waves: the LAMITO paid for the tax year just finished, the reduction seen in their PAYG and the LAMITO they will receive at the end of this financial year.
Again.....thanks Joshy JoshFrydenberg. I am going to get really rich with your trickle down economics, even though I have to wait. You are my most favourite, best ever Treasure. I love 💕 you! My saviour!
Back dated I trust?
By December Job Seeker and Families on $40 a day Frydenberg you are cruel
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