The revised stage 3 tax cuts proposed by the Labor Party smoothly passed through parliament, ensuring additional relief for taxpayers starting July 1.
Following a Senate vote on Tuesday evening, the Coalition reluctantly backed the government’s tax overhaul, promising tax relief for all of Australia’s 13.6 million taxpayers starting from the middle of this year.
The measure is one of the government’s responses to help Australians with the current cost-of-living crisis.
The tax cuts will give more relief to low- and middle-income earners and less to the higher end of town.
Under the new tax scheme, the average worker will take home an extra $29 a week from July 1 while the lowest-paid gets $15 more.
New personal tax rates and thresholds
Screenshot of tax table from Prime Minister of Australia website
Tax cuts calculator here.
Prime Minister Anthony Albanese hailed the bill as a significant victory for all 13.6 million Australian taxpayers.
The Coalition criticised Labor for not following an election commitment to maintain the original tax plan as initially legislated.
Source: Prime Minister of Australia’s website and 9News
Feature image from Bloomberg.com /Photographer: Brendon Thorne/Bloomberg
