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The tax savings over a four year period can be revealed after Treasurer Josh Frydenberg handed down his budget on Tuesday evening
For all the hype about generous $7.8billion tax cuts in the big-spending budget, most consumers won t see the extra dollars for over a year.
Australians will have to wait for their tax return to be processed before they benefit from the rebates.
These include a rebate of up to $1080 in the 2021-22 tax year for individuals and up to $2160 for couples.
So while most of our pay packets won t look different right away, there is an extra sweetener to come come tax time in 2022.
The tax savings over a four year period can be revealed after Treasurer Josh Frydenberg handed down his budget on Tuesday evening
Workers on a salary of about $90,000 stand to benefit the most from the Morrison government s tax cuts in terms of dollar figures.
Middle income earners paid at about that level will receive $7,020 in tax relief in total over the four years from 2018 to 2022, federal budget documents said.
A working couple who both make $90,000 will be rewarded with $14,040 in tax cuts in total over that period when compared with 2017 tax tables.
Low income earners on $40,000 will have saved $3,080 in total.
A cartoon dog may get a handout, there s a huge tax cut for video game makers and $900,000 for the nation s tuna champions .
Treasurer Josh Frydenberg on Tuesday evening announced the details of this year s Federal Budget. Ten million Australians will pocket a $1,080 tax cut for another year and the country s borders will essentially stay shut until mid-2022.
But in every federal Budget the government announces how it is splashing billions in niche (but often still important) programs around the country.
Here s some of the more unusual initiatives unveiled by Prime Minister Scott Morrison s team.
Treasurer Josh Frydenberg announced $1,080 in tax cuts for ten million Australians - and also funding for a range of niche projects