The federal government will reduce tax cuts for those earning $200,000 from $9075 to $4529, in an effort to help struggling households. The changes also include adjustments to tax rates for different income brackets.
The federal government will slash the stage three tax cuts for those earning $200,000 from $9075 to $4529 in what Anthony Albanese has defended as a necessary backflip to help struggling households . The changes, the full details to be approved by caucus today, include lowering the 19 per cent tax rate for incomes up to $45,000 to 16 per cent, and reinstating the 37 per cent rate for those earning between $135,000 and $190,000, after which the 45 per cent rate will apply.
The net effect means people earning up to $150,000 will be better off than they would have been under the currently legislated stage three tax package, while the benefit for those on the highest incomes will almost be halved.Those earning under $45,000 and not eligible for stage three cuts, will also be looked after with the 19 per cent rate that applies between the tax-free threshold and $45,000 to be lowered to 16 per cent. This is worth a maximum $804 a year for someone on $45,000 and abov
Tax Cuts High Earners Australian Government Struggling Households Income Brackets
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