Income tax cuts could kick in as early as November
Millions of Australians could have extra cash in their pockets as early as November if Stage 2 of the government’s income tax cuts are brought forward in Tuesday night’s budget, according to PwC Tax Partner Ellen Thomas.
Stage 2 of the Morrison government’s income tax cuts were legislated to begin in 2022 but it is widely expected they will be brought forward and applied retrospectively, effectively kicking in from July 1 2020.
This could result in countless Australians receiving between $30 and $70 extra per week, depending on their income.
PwC Tax Partner Ellen Thomas says the fast-tracked tax cuts will give consumers a confidence boost.
“Bringing forward the legislated income tax cuts should provide additional spending stimulus by letting individuals keep more of what they earn straight away,” Ms Thomas said.
“Based on the parliament’s time table, it is possible that this could be as early as November 2020,”
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