Changes set to come into effect from Monday will mean more money in the pockets of most Australian taxpayers. Stage 3 tax cuts were finalised in May’s federal budget, as well as a number of measures to combat the rising cost of living. Under the stage 3 tax cuts, taxpayers will receive an average tax cut of $1888 or $36 per week in 2024-25. From the start of the new financial year on July 1, the 19 per cent tax rate will be reduced to 16 per cent and the 32.5 per cent rate down to 30 per cent.
From July 1, a new $300 payment will be offered to all Australian households instead. Energy companies will apply $75 credits to each quarterly power bill under the rebate scheme. From July 1, more than 10 million households will receive rebates on their energy bills, while about one million small businesses will receive $325.
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