Earlier this month, the Morrison government delivered a $158 billion income tax cut to millions of workers.

The cash refund is expected to boost Australia’s sluggish economy in much the same way as the GFC cash stimulus did in 2008.

Here is a summary of who and how much:

  • Earning up to $37,000 you may get up to $255

  • Earning between $37,001 and $47,999, you may receive between $255 and $1,080

  • Earning between $48,000 and $90,000, you may be set to get the full $1,080, and for dual income families on this level of income, you may get $2,160!

  • Earning between $90,001 and $126,000, the “tax relief” tapers off from the $1,080 to $0.

This is, of course dependent on your tax affairs. If you’ve got any questions about your FY2018-2019 tax return, don’t hesitate to give us a call.