According to a plan being considered by the Morrison government, personal income tax relief worth billions of Australian dollars will be implemented at least one year in advance to help the economy escape the recession caused by the new coronavirus.
This move has won the support of the Labor Party and is intended to help support household consumption. It is expected that the upcoming October budget will announce the 2022-23 tax cut plan (worth about 5 billion Australian dollars) will start early on July 1 next year. Promoting the tax reform already enacted will raise the threshold for the 19% tax rate from A$41,000 to A$45,000. The low-income tax credit will increase from A$645 to A$700.
For people whose annual income is between A$22,000 and A$30,000, the tax cut will be worth A$55. Those earning more than A$50,000 will save A$540 per year.
https://www.smh.com.au/politics/federal/early-tax-cuts-on-budget-agenda-to-kickstart-economy-out-of-recession-20200708-p55a70.html
