Prime Minister Scott Morrison’s $158 billion tax cuts package passed in the Senate on July 4, bringing a raft of changes which could give Australians an extra $1,080 if tax returns are filed in the coming weeks.
Workers in the $48,000 to $90,000 tax bracket will get the most cash back, while Australians earning less than $37,000 will get $255 or $4.90 a week in tax cuts.
The Prime Minister’s plan was announced in April as part of an overall goal to reimburse those earning up to $126,000.
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The Australian Taxation Office said it aims to process online tax returns within two weeks of submission.
Australians are being encouraged to lodge their returns promptly, as the tax office is expected to begin processing returns in the next fortnight.
“To get the tax offset you have to lodge a tax return and the earlier you lodge, the earlier you’ll get the tax offset,” stressed Mark Chapman, the director of tax communications for H&R Block.
Chapman told the Daily Mail Australia that “lodging your tax return today should ensure that you get the full offset that you’re entitled to – possibly up to $1,080, depending on your income – added to your refund payment.”
Legislating tax cuts before July 1 was one of the Prime Minister’s campaign promises, but Parliament was not recalled until July 2.
Senator Jacqui Lambie joined crossbenchers Stirling Griff and Rex Patrick in the Centre Alliance, agreeing to pass the government’s $158 billion tax cut.
Jacqui Lambie agreed to support the tax cuts plan in full after negotiating with Finance Minister Mathias Cormann on Wednesday.
“People in Tassie are doing it tough and for them, $1,000 in their back pocket now will give them some immediate relief.”
10 million Australians will benefit from the move, including 4.5 million low and middle-income earners who will receive the $1080 tax relief, or roughly $20.80 a week.
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