Entertainment

Ten million Aussies set for extra $420 tax offset


Around 10 million Australians will pocket an extra $420 when they lodge their tax returns after July 1 under a plan to increase tax relief for low and middle income earners.

Nine News can confirm tonight’s federal budget will provide a one-off Cost of Living Tax Offset to Australians earning up to $126,000 a year, at a cost of $4.1 billion.

This will be paid on top of a previously extended tax offset for low and middle income earners, which is worth up to $1080.

The full details of the budget are set to be revealed this evening.
The full details of the budget are set to be revealed this evening. (Alex Ellinghausen)

This means those eligible for the full amount will receive an extra $1500 back at tax time this year.

Pensioners are also expected to get another boost, after pension and welfare payments rose from March 20.

Treasurer Josh Frydenberg will unveil the full details of the budget on Tuesday night in Canberra.

Opposition Leader Anthony Albanese will deliver his budget reply on Thursday. 

Full Budget Coverage from 7.30pm at 9news.com.au: Including Winners * Losers, What it all means for you and analysis and reaction.



Source link

Leave a Reply

Your email address will not be published.