The Australian government has announced a very major change to the Australian internal tax system, and this decision is scheduled to be officially implemented within the next few months.
Australians who make more than $45,000 annually will receive significant discounts on their annual income.
The date for implementing the new income tax in Australia
Although there are great debates regarding the implementation of this decision, according to what was revealed by the British Sky News, the implementation of the decision is scheduled to officially begin on July 1.
It is also worth noting that part of the final journey of the income tax reform plan in Australia was initiated by the previous Morrison government, and then left by the Labor Party without any change. However, it is the third phase of this project that will be implemented soon.
Eliminate the 37% tax bracket.
It is also mentioned that the 37% tax bracket is scheduled to be abolished as of next July 1, and people who earn amounts of money ranging from $45,000 to $200,000 will be subject to a 30% tax.
These decisions will also cost the budget $308 billion over a decade.
The simplest tax system in Australia
It is also mentioned that this new system will be considered the simplest tax system in Australia, and people who earn $200,000 will receive a reduction of up to $9,075.
People who earn $90,000 will also receive a tax cut of $1,125, but a tax cut will be given to people whose income is less than $45,000.