An Easy Way To Work Out What Tax Cuts You Can Expect
As widely reported, the Australian Parliament recently passed a bill to cut taxes which will apply to the tax return you are about to file or just have for the 2018/19 financial year. Depending on what your taxable income is for the year just gone, with the tax cuts you can expect a refund of up to $1,080. If you’ve already submitted your tax return, fear not, you’ll still get the promised tax refund based on your earnings.
You can reference a detailed yet easy to understand explanation (including a handy calculator) in a recent article by The Guardian Australia which details how much you will receive now based on your individual income. Even more importantly, it also calculates what you can expect over the coming years.