In the A$17.8 billion tax cut plan, 11.5 million employees will receive tax cuts within a few weeks. The plan will take advantage of individual tax cuts, corporate investment incentives, and new subsidies for companies that hire unemployed people. Promote the economy out of recession. If the Senate approves the Morrison administration’s plan to retroactively reduce tax cuts to July 1, employees will see the impact of lower tax rates on their wages in the middle of this month. Finance Minister Josh FRydenberg warned that recovering from the COVID-19 crisis is a “difficult” task. He revealed that spending surges and income shocks will bring Australia’s total debt to A$1.1 trillion within four years.
According to the advance plan for the second phase of the government’s tax reform, employees with an annual income of 100,000 Australian dollars will receive an annual tax reduction equivalent to their total 2018 taxes of 2,445 Australian dollars. This tax reform was enacted last year, but it is not expected to be implemented until 2022. In order to avoid controversial reforms in the Senate, the government chose not to advance the third phase of the initial tax plan because some sources criticized that the reforms to be implemented in 2024 will bring greater benefits to high-income groups.
https://www.smh.com.au/politics/federal/monumental-task-josh-frydenberg-banks-on-jobs-business-stimulus-as-way-out-of-the-covid-19-recession- 20201001-p5613k.html