Over THREE MILLION Aussies Are About Get A HUGE Pay Increase
Over 3 million Australians are set to get a tax cut after changes were passed in the Senate today.
The second highest tax rate of 37-per-cent will now kick in at $87,000 instead of $80,000 and the rate tax is payable at for people earning between $80,000 to $87,000 will now be 32.5 per cent.
The changes will give the taxpayers a cut of $315 a year.
"Our outdated tax system is punishing hard work, hindering growth, limiting opportunity and hampering innovation," Treasurer Scott Morrison said.
"This will reward and encourage hard working Australians for doing overtime, picking up extra shifts, earning a promotion or getting a higher paying job, instead of penalising them with a higher tax rate."
Time to spend my non-existent dollars.