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Taxpayers’ shortcut to extra dollars in their pockets

Low and middle income earners have won out in the 2020 Federal Budget, and tax cuts could be at hand sooner than expected.

Treasurer Josh Frydenberg told Scott Emerson the stage two reforms, which will bring tax relief for 11 million Australians and have bipartisan support, should take effect before the end of the year.

The ATO will change the pay as you go (PAYG) withholding schedules as soon as Parliament approves the cuts, immediately depositing extra cash into workers’ paychecks.

“The bottom line is if you’re on $60,000, a teacher, or a nurse, or a policeman, you will pay $2160 less tax this year.”

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Image: Getty