In four years: Boost for wealthier Australians [size=1.25em]In 2022-23, a second phase of tax cuts arrive. [size=1.25em]Ultimately, wealthier Australians will pay less due to a combination of changes to tax offsets and income thresholds. [size=1.25em]Although this group mostly missed out on the benefits of stage one, in four years' time they will be the big winners. [size=1.25em]Those earning $120,000 or more will be $2,565 better off each year. In six years: Boon for wealthiest Australians[size=1.25em]Two years further down the track, the most controversial component of the package kicks in. [size=1.25em]One whole tax threshold will be removed, leaving just four, and the tax rate for another threshold will be cut. [size=1.25em]It will mean that once someone earns $45,000 in one year, every additional dollar they bring in that year will be taxed at the same rate — 32 per cent — up to $200,000. [size=1.25em]This delivers massive cuts for those with an income close to $200,000. [size=1.25em]For example, someone on $180,000 will be $8,640 better off. [td]Income | Tax cut from 2018-19 | Tax cut from 2022-23 | Tax cut from 2024-25 | $30,000 | $255 per year | $255 per year | $255 per year | $60,000 | $1,080 per year | $1,080 per year | $1,455 per year | $90,000 | $1,215 per year | $1,215 per year | $2,340 per year | $120,000 | $315 per year | $2,565 per year | $4,440 per year | $150,000 | $135 per year | $2,565 per year | $6,540 per year | $180,000 | $135 per year | $2,565 per year | $8,640 per year |
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