The federal budget, presented on the 25th, proposed tax cuts in multiple stages, providing relief to millions of Australians.
Starting July 1 next year, the lowest tax rate will be reduced from 16% to 15%, benefiting those earning more than $18,200 annually.
Under the new structure, individuals earning between $45,000 and $135,000 will be taxed at 30%, while those earning between $135,000 and $190,000 will face a 37% tax rate.
With these changes, the current Labor government will introduce the lowest tax rate in the past 50 years.
Notably, these tax rates do not apply to individuals earning less than $18,200 per year or $1,516 per month.
